USDA WASDE is always a day the fundamentals may matter… Or may not… Well, the April report is not usually the most exciting as it is the last one without the ‘new new’ crop, new crop data (crop 18/19) will come in the next WASDE.
So this was a bit of a reversal of the retracement of the post report rally: quite difficult to understand put like this but in other words, roller coaster. Does this invalidate the retracement and validate the rally?
Another soft day yesterday, risk off before the report. Still. Soybeans closed down -1.50 cent, Corn -0.50 cent, Wheat -3.50 cents in Chicago, -3.00 cents in Kansas and -3.75 cents in Minneapolis.
Still waiting the quarterly report quite nervously and the only thing to do is risk-off, wait and see. So unsurprisingly, market ended softer with funds taking profits: they sold 1,000 lots of Corn, 3,500 lots of Soybeans and 3,000 lots of Wheat.
After a strong start of the week, market closed collectively down in a very typical double sided session. Soybeans ended down -2.75 cents, Corn -3.25 cents, and Wheat -6.00 cents in Chicago, -11 cents in Kansas and -5.50 cents in Minneapolis
Friday, Soybeans closed down -1.50 cent, Corn up +1.25 cent and the main movement was on Wheat: +4.50 cents in Chicago, +8.25 cents in Kansas and +9.75 cents in Minneapolis.
Friday was a kind of déjà vu… Soybeans up +8.75 cents, Wheat down -11.00 cents in Chicago (-14.00 cents in Kansas, -3.75 cents in Minneapolis) and Corn stuck in the middle at -4.00 cents.
