Wheat futures were able to break free of the summer row crop markets and closed sharply higher on Friday. French wheat futures rallied €2/MT overnight on European/Black Sea crop size and quality concerns. Chi and KC wheat futures rose 9-12 cents, while Min wheat reluctantly followed. CME Black Sea futures rose $2-3/MT for Aug-November .…
Corn futures ignored the rally in wheat futures and followed soybeans lower on Friday. Weather and Chinese soy trade have been the main market focus for weeks. There has been no movement (publicly) on US/China trade negotiations, and the favorable weather forecast weighed on corn prices. Funds sold 13,000 contracts on Friday. The Commitment…
** Indian Vegoil Imports Fell Sharply in May: Last November, India raised its import tariff on vegoil imports. The tax rate on crude palm oil was doubled to 30% and the rate for refined palm oil jumped from 25% to 40%, with similarly steep hikes applied to soyoil. In March India raised tariffs on crude palm…
** Central US Weather Pattern Discussion: The extended major weather models are shifting the mean position of a high pressure Ridge westward to the Intermountain West with a Trough to position over the Eastern US Lake States. This will create a Trough/Ridge pattern with a NW upper air flow through the Central US. This flow…
Limited news on trade and prevailing technical trends pressured the soy trade into the weekend. Soybeans again paced the decline, while crush spreads from Jul-September were firmly above $2/Bu. Funds were estimated sellers of 9,000 soybean contracts on Friday Thursday’s WASDE report did not offer any real surprises as the trade had anticipated a…
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