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.
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…
