Soybeans End Firm on Rising Corn and Energy Markets: Soybeans held a narrow range around unchanged and closed firm on Tuesday. ADM reported that third-quarter profits more than doubled on solid soybean crush margins. Meal basis in the quarter averaged $10-12/ton over the five-year average while soyoil basis held at historic levels. Central Illinois soybean…
Hogs Slip to New Lows on Liquidation: Continued weakness in cash prices and technical liquidation weighed on the CME hog trade through Tuesday, leaving futures $1.25-1.625 lower for the day. The CME cash hog index was lower for the fourteenth consecutive day, dropping $.72 on Tuesday to $82.98. The projection for Wednesday is another $.31…
US Wheat Futures Correct; EU Market Posts New High; Egypt Returns for December Needs: World wheat futures ended mixed on Tuesday. Strength in the European market continues with Dec Paris milling wheat futures scoring fresh contract highs. AgResource notes that basis in W Europe remains positive and is stronger than normal despite spot futures reaching…
Corn Tests Early October High; Chart-Based Resistance Lies Above Market: December CBT corn jumped to a new 3-week high on rising cash ethanol prices and as end user margins remain highly profitable. AgResource detailed in this evening’s wire the potential for an upward revision to US corn 0dustrial use. And growing US corn export potential…
CBT futures are higher at midday with corn leaping to fresh weekly highs while soybeans/wheat follow. The corn rally appears to be related to strengthening US ethanol prices amid the ongoing advance in world energy prices. Cash ethanol values rallied 7-9 cents/gallon this morning which translated back into firming grind margins and new buying of…
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