Friday was a kind of déjà vu… Soybeans up +8.75 cents, Wheat down -11.00 cents in Chicago (-14.00 cents in Kansas, -3.75 cents in Minneapolis) and Corn stuck in the middle at -4.00 cents.
After a hesitant start of the day, market closed collectively higher: Soybeans up +6.50 cents on drought in Argentina, Wheat up +9.25 cents in Chicago, +11.75 cents in Kansas and +4.00 cents in Minneapolis on US drought while Corn was relatively quiet (+2.00 cents) in comparison.
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.
