Grains are mixed at midday:
Corn – ¼ cent/bu (Dec @ 3.98 ¼ )
Soybeans + ½ cents/bu (Jan @ 10.50 ¾ )
Chi Wheat – 5 cents/bu (Dec @ 5.98 ¾ )
Cdn $ +0.00035 (75.09 cents)
WTI Crude Oil -0.81/barrel (35.36)
Quiet morning for grain news today. The USDA did announce a Flash Sale for 121,500 tonnes of soybeans to an Unknown destination for 2020/21 delivery. There has not been a specific flash sale to China since October 15th, although many of the Unknown destination sales ultimately turn out to be Chinese purchases. Market did have some upside strength earlier in the session, following comments yesterday from the Brazilian president indicating that Brazil would definitely be importing soybeans prior to their harvest beginning in 2021.
Despite the early strength in grain futures today, traders are reluctant to push things too far to the upside, as technically, we have done some damage to charts for corn, soybeans, and wheat this week, and there is always a fear that speculators could lighten their still massive long positions somewhat ahead of the weekend.
USA equities remain unsettled ahead of next week’s Presidential election and concerns over global lockdowns to control the spread of COVID-19. Dow futures are currently down 256 points @ 26,301.