CBOT Retreats on Fund Profit Taking on Risk Aversion Heading into Tuesday’s US Election; Brazilian Weather Forecast Improving; Cash Markets Hold

A push to new highs in nearby corn/soybean futures did not follow through to the upside which has sparked profit taking with CBOT values retreating at midday. Corn/soybean futures are lower while wheat tries to hang in the green. There is an “air” of correction in the marketplace as speculators have trouble buying December corn…

CBOT Mixed on Macro Selling and the Rain for SW Russia/Southern US Plains that is Pressuring Wheat; US Cash Basis Hold Stout – Offers Support

Other than soyoil/November soybean futures, it has been a day of retracement at the CBOT. Deliverable CBOT corn receipts were cancelled which is underpinning the December/March spread (only 1 receipt is outstanding at Ottawa) while wheat prices are under pressure from wet weather forecasts for the Central US Plains and the SW Russia. After heavy…

Soybeans/Meal/Corn Push to New Rally Highs; Midwest Cash Meal Basis Weakens;Funds Massive AM Buyers (Again)

Fresh rally highs in corn/soymeal/soybeans have underpinned the CBOT this morning. An early break uncovered fresh fund buying as speculative longs continue to pile into new length. Soy crush spreads are blowing out to the upside as world soybean end stocks tighten and cash product basis bids rise. Brazil is virtually out of soybeans while…