US wheat futures closed mixed with Minn finding some end user support, while KC and Chi wheat futures closed slightly lower in thinning volume. Funds were net sellers of 1,200 contracts of wheat with world fob pricing holding broadly steady. The world wheat market could be forging an early season top with the EU and…
CBOT corn futures closed slightly lower in back and forth price action with the weakness in the soy complex allowing the bearish tug on CBOT grain prices. Funds ended as net buyers of 2,200 contracts of corn in a modest unwind of long soy/short corn spreads. The nearby soybean/ corn ratio closed at 2.81:1. The…
** South American Weather Discussion: The US and EU weather models remain in good agreement, and are bringing forward some much needed rain for N and C Brazil during the last week of October. The graphic incorporates this rain, but notice that much more additional moisture will be needed in November and December to restore soil…
** CBOT Midday AgResource Daily Update: Dull has been CBOT corn, soybean and wheat trade this AM. Trade volume has been average with funds coming out of long soybean and short grain positions. CBOT grains tried to rally after the opening in typical turnaround Tuesday fashion, but the bearish overhang from press reports that the…
Bottom Line: China’s “spot” margin rose 32 Yuan in the past week. However, it is just above break-even at 2 Yuan/MT. The “forward” margin rose 18 Yuan to -82 Yuan/MT. However, the forward margin is 346 Yuan ($1.42/Bu) below what it was a year ago. Exporter shipments to China in September indicate that China’s Oct imports…
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