It has been a mixed morning of CBOT trade as heavy opening selling in soybeans and soymeal did not uncover follow through. December corn tested Monday’s low with a fund buying 4,900 contracts in a minute bringing values back to unchanged. Wheat prices are lower on the ongoing massive fund selling. Wheat open interest rose…
AgResource Farm Marketing Advice for Tuesday: 1/ No new advice. It’s been a mixed but mostly lower session in Chicago. Monday’s largely unexpected drop in corn ratings has triggered modest fund short covering. ARC estimates that managed funds this AM were short a net 295,000 contracts of CBOT corn, little changed from Tuesday and still…
CBOT futures are red at midday with Minneapolis wheat holding near steady. It appears that Central US weather is directing CBOT price direction with needed rain to fall across the Midwest/Central Plains/Delta later this week (and into early July). An early sharp decline in the US stock market offered a bearish tailwind. But that changed…
Passion from either the bulls/bears is lacking with soybeans/wheat trading firmer while corn mixed at midday. The weekend is ahead and with funds still short a sizeable amount of corn and US farmers hoping for higher old crop cash corn bids, the selling pressure has been limited. An unknown destination (likely China) secured additional US…
AgResource Farm Marketing Advice for Thursday: 1/ No new advice. USDA Announced the sale of 720,000 MTs of US soybeans to China. 657,000 MTs was sold for new crop with 63,000 MTs for 2019/20. Today’s purchase takes China’s new crop soybean purchases to 3 MMTs. US Weekly Export Sales were; 9.9 Mil Bu of wheat,…
