A relatively quiet Friday apart on Soybeans as they rebounded +9.75 cents. They seem to continue their technical retracement after visiting sub 820 cents levels last month.
Typical week Friday, buyers had left for the week-end already! Soybeans moved down -9.50 cents, Corn -8.50 cents, Wheat -4.00 cents in Chicago, -6.00 cents in Kansas and -7.50 cents in Minneapolis.
Market moved down -14.25 cents on Corn yesterday, surprised by the extent of the US yield increase. Wheat moved down -12.00 cents in Chicago, -16.00 cents in Kansas and -10.25 cents in Minneapolis. On the other side of the Pond, London Feed was down -£1.35 and MATIF -€1.75.
Friday’s session was interesting on MATIF Wheat as the usual scams and manipulation have come back in force on the U8 expiry with U8 being down -€17.75. A few happy guys around, the issue, funnily enough, it’s always the same guys!
US Labor Day yesterday, markets were closed. To be honest they quite deserved it after a few weeks of being hectic. In Chicago, Soybeans moved down -1.07% during the week, +0.72% for Soybeans and +0.73% for Wheat.
What could have been a day on the downside became very quickly a rallying day. One word. Russia. It is obvious, and if market discounted it with the lack of official news the past few days, he’s very naïve…
Yesterday ended up being another day in the red as Soybeans moved down -7.25 cents, Corn -1.75 cent and Wheat was slaughtered again: -15.50 cents in Chicago, -17.50 cents in Kansas and -16.00 cents in Minneapolis. MATIF Wheat was also down, -€3.75, closing below €200 on U8. London Feed was closed.
It was all about Wheat on Friday as Corn and Soybeans were taking a breather, ending respectively up +1.75 cent and flat. Indeed, Wheat continued to go down as the availability of feed grain will be good, there was also some profit taking and Russia threat to ban export is failing to materialize.
Another difficult day for Wheat as Chicago ended down -18.25 cents, Kansas -17.75 cents and Minneapolis -14.25 cents. Market is still wandering about as there is supply issue (notably in Europe and FSU) but at the same time a relatively early harvest in the North Hemisphere.
A very active Friday, Wheat rebounded on the fears of export ban in Russia. Denied by authorities so far. Russia will be active and exporters will sell as much as they can until the restriction comes (if it does).
