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.
Has it been raining? Not really. But market lost grounds yesterday and ended down -19.50 cents on Soybeans, -10.75 cents on Corm, -18.00 cents on Chicago Wheat, -19.25 cents in Kansas and -10.75 cents in Minneapolis.
A weak Friday to end up the week. The only thing that ended up were Soybeans, up 2.75 cents. Everything else was down: Corn down -2.50 cents, Wheat down -3.00 cents in Chicago, -1.75 cent in Kansas and -8.00 cents in Minneapolis.