At some point it has to rebound. It did yesterday, Wheat finally did: +5.00 cents in Chicago and Kansas, just a little tick up in Minneapolis. Corn followed with +4.75 cents, Soybeans closed up +0.75 cent.
Another weak day for Wheat, closing down -4.00 cents in Chicago, -4.25 cents in Kansas and -1.25 cent in Minneapolis. Weather issues seem to be forgotten, and finally, winter crop in the northern hemisphere are not doing too bad over the winter.
Fairly dull yesterday as US markets were closed. MATIF and London Wheat were both down, catching up on the selloff of Friday, closing respectively down -€1.25 and -£0.15.
Market did a nice leg-splits! Soybeans ended the Friday’s session +10.50 cents and Wheat -1.75 cents in Chicago (-14.00 cents in Kansas, -16.25 cents in Minneapolis). So one can assume there was some significant move on the USDA WASDE, we will dig into that…
Down across the board, it was the last settle before the USDA WASDE! Now the clock will just be ticking until later today for sure! Soybeans ended down again -5.00 cents to finish spot on 950 cents.
If Soybeans moved down -3.00 cents, the rest moved up, largely technically, traders will be cleaning their positions to be ready for the Friday’s USDA WASDE.
Down across the board for the real first day back to normal business in 2018: Soybeans moved down -3.25 cents, Corn -4.00 cents, Wheat -3.00 cents in Chicago, -4.25 cents in Kansas and -1.25 cent only in Minneapolis, closing the premium to 197.75 cents to Chicago and 192.25 cents to Kansas, $2 is too attractive technically not to pay a little visit in the next few sessions.
A quiet session on Friday with Soybeans up +2.25 cents, Corn ticking up, Wheat down -3.25 cents in Chicago, -2.25 cents in Kansas and -1 cent in Minneapolis (premium ended to 196 cents to Chicago and 189.25 cents to Kansas).
It really seems like market cannot really care about the weather: there’s a so called ‘bomb cyclone’ and East Coast airports are closing, shark are dying frozen, even in Florida, iguanas are falling frozen from trees (in full hibernation mode), but Wheat, Corn and Soybeans markets aren’t panicking just yet, and with a such short on board, this is quite interesting.
