Down across the board for the real first day back to normal business in 2018: Soybeans moved down -3.25 cents, Corn -4.00 cents, Wheat -3.00 cents in Chicago, -4.25 cents in Kansas and -1.25 cent only in Minneapolis, closing the premium to 197.75 cents to Chicago and 192.25 cents to Kansas, $2 is too attractive technically not to pay a little visit in the next few sessions.
A quiet session on Friday with Soybeans up +2.25 cents, Corn ticking up, Wheat down -3.25 cents in Chicago, -2.25 cents in Kansas and -1 cent in Minneapolis (premium ended to 196 cents to Chicago and 189.25 cents to Kansas).
It really seems like market cannot really care about the weather: there’s a so called ‘bomb cyclone’ and East Coast airports are closing, shark are dying frozen, even in Florida, iguanas are falling frozen from trees (in full hibernation mode), but Wheat, Corn and Soybeans markets aren’t panicking just yet, and with a such short on board, this is quite interesting.
When it is too cold, it is bad (winterkill risk in the us), when it is too mild it is also bad (Black Sea temperatures could take wheat out of dormancy, reduce the snow layer and expose it to winter kill). The never ending story…
On Tuesday corn and soybean prices in Chicago dropped and wheat marked slight growth. In Paris wheat and corn declined and rapeseed rose. The moves were with small variations.
