Back to school, happy New Year! Some were actually back last week and market was a bit all over the place: Soybeans moved up +7.57%, SoyMeal +3.18% and SoyOil -0.94%.
Friday was a typical sideways session with Soybeans ending down -6.50 cents, they don’t really know where to go with all this trade talks news and fake news and the don’t manage to escape significantly from the 900 cents levels.
Two-sided session yesterday in the US, Soybeans ended sharply up in the end: +24.00 cents. Corn also rebounded closing up +4.50 cent. Strong export inspections probably triggered more short covering. Wheat purely followed, ending up +7.75 cents in Chicago, +7.50 cents in Kansas, +4.50 cents in Minneapolis.
Friday was still in digestion mode after the USDA WASDE, there’s a lot of risk off as short bets, even if right, would pay off in a few weeks time if not months are good news will now come from plantings and winter weather.
