Soybeans had a two sided session and managed to recover well, ending up +6.50 cents, However, Corn and Wheat closed down again by -1.25 cents and -16.00 cents respectively in Chicago. In Kansas, Wheat ended down -18.00 cents and -15.75 cents in Minneapolis.
Friday was a USDA WASDE day but there was a few bits and bobs as a build-up. Stratégie Grains cut its European soft wheat harvest by -4.69MT to 127.68MT, -14.15MT year on year.
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.
