Grains are mixed at midday:
Corn + 1 cent/bu (Dec @ 4.04 ¾ )
Soybeans – 8 ¼ cents/bu (Nov @ 10.54)
Chi Wheat + 6 cents/bu (Dec @ 6.24 ¼ )
Cdn $ +0.00255 (75.88 cents)
WTI Crude Oil -0.11/barrel (40.85)
Grain futures have traded wide ranges today, with wheat the most solid over the course of the trading session. Soybean performance has to be a little disappointing for market bulls given recent export sales activity, but, technically, the bean market remains in an uptrend. USDA Weekly Export Sales were on the low side of expectations for corn, well above expectations for soybeans, and middle of the road for wheat. Actual sales data is listed below, in thousands of tonnes:
Earlier this morning, the USDA also confirmed Flash Sales for the following:
- 128,000 tonnes of corn to Mexico
- 175,000 tonnes of soybeans to Unknown
- 216,150 tonnes of soybeans to Unknown
Going into the weekend, there is no doubt some apprehension on the part of market bulls over potential changes to weather forecasts. The market continues to be acutely tuned into Brazilian/Argentinian precipitation forecasts, along with weather in wheat production zones of the Black Sea region and of Australia.