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USDA reported daily sales of 121,000 MT of soybeans for delivery to China during the 2024-25 marketing year this morning which was good news to kick off the day, but not good enough to distract from the rapid harvest progress in the US. Monday we will get an updated crop progress and conditions report which is expected to land ahead of average.
Today, wheat was higher on reports that Russia targeted the port and civilian infrastructure of Odesa with Iskander-M missiles. The debris also damaged a cargo vessel sailing under the flag of Antigua. Four civilians were injured.
Technically, wheat closed above the 50-day & 20-day moving averages, but below the 10-day moving average. Corn closed below all of the moving-averages. Soybeans managed to close at the 50-day moving average, which is a few cents above the 20 and 10-day averages. Corn and soybeans managed to hold above the $4 and $10 mark however, which is optimistic.
Funds were thought to have been mixed today with corn and beans sellers and wheat a buyer. Corn was expected to have been a sellers of 4,000 contracts (short 154,000), soybeans to have sold 7,000 contracts (short 119,000), and wheat was thought to have bought 1,000 contracts (short 29,000).
Have a great weekend everyone!
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