CBOT Retreats on Profit Taking; WTO Rules Against The US in China Trade Dispute; Continued CBOT Soybean Rally Depends on Fresh China Buying

CBOT futures are lower at midday on profit taking and a WTO ruling in favor of China on US tariffs. Profit taking on recent longs has been featured with funds holding a net long soybean position that forecast over 190,000 contracts. Wheat futures started the CBOT decline with corn following. The Midwest corn harvest is…

Farmer Soy Selling Elevated Above $10; Chinese Demand Continues to Underpin CBOT Ag Market

AgResource Farm Marketing Advice for Monday: 1/ Wheat Producers: Sell the final 20% of the 2020 wheat crop at $5.77 basis March Chi wheat futures. This will complete 2020 wheat cash sales. CBOT futures are mixed at midday in declining volume from the overnight trade. Corn futures are mixed to lower while soybeans/wheat hold in…

USDA September Report Offerd No Bullish Surprises; Strong China Demand Needed To Support Current CBOT Values; FSA Program Data Awaited at 1 PM CT

The USDA September Crop Report was neutral to slightly bearish. The CBOT has rallied following the release of the report on momentum and ongoing large fund buying. ARC sees nothing in the report that alters our opinions, but we would argue that WASDE keeping 2020/21 Chinese corn imports at 7.0 MMTs is difficult to understand…

CBOT Corn/Wheat Futures Rise on Fund Buying and China Corn Rumors; USDA Report Looms on Friday; Weekly Ethanol Production Stagnant

CBOT ag markets are higher at midday with wheat/corn pacing the rally. Corn has pushed to new rally highs with December reaching $3.6675 while a sharp rise in Black Sea wheat values lifts US wheat futures back against $5.60-5.70 resistance basis December Chicago. The soybean rally has stalled as funds take profits on a large…

CBOT Midday Trade Lackluster With China Booking US Soybeans Daily; Midday Central US Weather Forecast Drier/Warmer; Other News Lacking

CBOT ag markets are mixed at midday with soybean/wheat futures stronger while corn values sag. China continued its daily purchase program in taking another 238,000 MTs of US soybeans while 132,000 MTs was sold to an unknown destination. US weekly export sales totals on (Friday AM due to the Monday US holiday) will be huge…