A bit of a messy Friday really as markets ended the week sideways. Soybeans were still on the rise (+4.25 cents) but Corn closed a couple of ticks down while Wheat was up +1.00 cent in Chicago but down -1.75 cent in Kansas and -2.25 cents in Minneapolis.
Soybeans moved up again (+5.00 cents) on the same concerns over South America, H8 closed above $10.25 per bushel. This is a big price considering the current S&D but market fears a hit will happen in Argentina and this won’t be compensated by Brazil.
A quiet Friday after a very strong Thursday. A bit of profit taking, mostly technical. Soybeans closed down -2.75 cents, Corn was just ticking down on the close, and Wheat corrected -4.00 cents in Chicago, -3.25 cents in Minneapolis but was up a couple of ticks in Kansas.
Finally a bit of respite for Soybeans but now front month is so close to $10 that it will become technical appealing! There was a quick spike 2 cents above the magic level yesterday but market closed flat, far from the highs, H8 settling unchanged indeed at 992.25 cents. Corn closed down -1.25 cent.
Rebound across the board yesterday: Soybeans move up +6.00 cents, Corn +5.25 cents and Wheat +11.50 cents in Chicago, +9.75 cents in Kansas and +3.50 cents in Minneapolis. Chicago Wheat and Kansas Wheat closed at the same level (433 cents), bot at 175 cents discount to Minneapolis.
Soybeans are The Brave Little Tailor: “Seven at One Blow!”. After a sideways session, Soybeans finally ended up +2.00 cents, on the weather concerns in South America, especially in Argentina.
Yesterday, Soybeans move up again, +7.00 cents, on South American weather concerns. The amount of short is pretty huge in the market so there’s no need for a huge catalyst (justified or not) to trigger a bit of short covering. Anyway, any cut on the productions could be compensated by lowering US exports considering how ugly they are…
Soybeans moved up +4.25 cents on Friday while Wheat was generally softer (-2.50 cents in Chicago, -2.00 cents in Kansas and Minneapolis). And Corn, as usual these days, stuck in the middle (+1.00 cent).
An unconvincing higher day: Soybeans closed up +4.25 cents, Corn down -1.50 cent, Wheat up +3.75 cents in Chicago, +2.50 cents in Kansas and -1.50 cent in Minneapolis.
