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.
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…
