A messy Friday, market is a mess… Soybeans up +9.25 cents, Con up a couple of ticks, Wheat down -6.00 cents in Chicago, -1.50 cents in Kansas but +4.75 cents in Minneapolis. On the other side of the Pond, MATIF took a couple of ticks breather and London Feed was down -£1.25.
Last week in Chicago, Soybeans were up +3.73%, Corn +4.10% and Wheat +3.82%. Wheat in Europe was up +4.18% on MATIF (in euro) and +3.54% on LIFFE (in British ponds). So one could expect, or hope a breather.
Friday was another stronger day: Soybeans (Q8) moved up +38.25 cents quite technical there, it moved down significantly the past few weeks. Corn and Wheat (U8 contracts) were up also, Corn +8.00 cents, Wheat +9.75 cents in Chicago, +9.75 cents both in Kansas and Minneapolis.
Another messy day on Friday as Soybeans closed down -2.75 cents, Corn up +5.25 cents and Wheat up +18.00 cents in Chicago, +17.50 cents in Kansas and flat in Minneapolis. MATIF was up +€4.50 and London Feed +£2.70.
Another rough day, and markets closed lower, the extent of the recent dip was such that it is now significantly lower the than before the USDA WASDE. Funds liquidation: they had a good run, time to take a breather and realize some profits and watch the World Cup with fewer positions.
Market was a bit in hungover mode after the USDA WASDE. The problem of partying like there’s no tomorrow is that… Well… There’s a tomorrow! This was a correction across the board as market was wondering if the bullish wave wasn’t too much as it was widely anticipated.
The day the fundamentals matters. Nothing else matters… This one was supposed to be an eventless report as all news were supposed to be integrated in the markets already, if not a bearish one on over dramatizing the weather patterns.
A softer Friday overall to end up an eventful week with blood, sweat and tears; big ranges,… Soybeans ended down -5.00 cents, Wheat down -6.75 cents in Chicago, -6.25 cents in Kansas and -5.00 cents in Minneapolis.
