Another soft day yesterday, risk off before the report. Still. Soybeans closed down -1.50 cent, Corn -0.50 cent, Wheat -3.50 cents in Chicago, -3.00 cents in Kansas and -3.75 cents in Minneapolis.
Still waiting the quarterly report quite nervously and the only thing to do is risk-off, wait and see. So unsurprisingly, market ended softer with funds taking profits: they sold 1,000 lots of Corn, 3,500 lots of Soybeans and 3,000 lots of Wheat.
After a strong start of the week, market closed collectively down in a very typical double sided session. Soybeans ended down -2.75 cents, Corn -3.25 cents, and Wheat -6.00 cents in Chicago, -11 cents in Kansas and -5.50 cents in Minneapolis
Friday, Soybeans closed down -1.50 cent, Corn up +1.25 cent and the main movement was on Wheat: +4.50 cents in Chicago, +8.25 cents in Kansas and +9.75 cents in Minneapolis.
Friday was a kind of déjà vu… Soybeans up +8.75 cents, Wheat down -11.00 cents in Chicago (-14.00 cents in Kansas, -3.75 cents in Minneapolis) and Corn stuck in the middle at -4.00 cents.
After a hesitant start of the day, market closed collectively higher: Soybeans up +6.50 cents on drought in Argentina, Wheat up +9.25 cents in Chicago, +11.75 cents in Kansas and +4.00 cents in Minneapolis on US drought while Corn was relatively quiet (+2.00 cents) in comparison.
Technical Friday. Soybeans moved up +3.25 cents while the rest was softer, retracing at the end of a very active week: Corn moved down -1.50 cents Wheat -13.50 cents in Chicago, -9.00 cents in Kansas, -13.50 cents in Minneapolis.
Same weather story. However, the so called Beast from the East is quite disappointing, it brings snow layer without extreme temperature, but the snow layer would be sufficient to protect the wheat for days at extremely low temperatures.
