It’s been a slower and mixed day of trade so far to wind down the week. Markets are consolidating strong gains from Thursday and have been mixed through midday on noticeably lighter volume. Soybeans and wheat have held narrow ranges and been just below unchanged, while the corn market has held higher through the morning…
** CBOT AM trade has been sharply higher to the surprise of soybean bears. The unwinding of wheat/corn spreads is noted but there has been some “big” outright buying of corn by several large funds as they see the grain as trading below the cost of production and argue that its cheap amid developing export…
** Argentine demand for US soybeans (and China buying of Argentine soybeans) has lifted the CBOT with the corn market in tow. US wheat futures are following world fob gains with Asian/Australian analysts further cutting their estimates of the 2018 Australian wheat crop size. Technically, a close above $5.17 basis December KC wheat would break…
** It has been a tariff Tuesday with soybean and corn futures lower, while the wheat market struggles to swim against the bearish summer row crop tide. November soybeans are targeting the $8.10 low while December corn futures push deeper into the support noted at $3.40-3.50. Wheat is trying to hold in the green against…
** CBOT corn, soy and wheat futures have spent much of the morning in the red as the market prepares for an additional $200 Bil dollars of US tariffs against the Chinese. Corn and soybeans have been the downside price leaders with the wheat market trading both sides of unchanged. The volume of trade is…
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