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Happy Thursday. Grain markets were green across the board to close today despite an all-red overnight session. Fund activity into the end of the trading month tomorrow were providing some stability along with money flow.
A big test for tomorrow will be whether corn and soybeans can crack through and hold the $4 and $10 marks going into the long weekend with Labour Day on deck for Monday. Wheat managed to close above its 10-day Simple moving average at 5.42, with the 50-day moving average at 5.68. Corn closed over its 10-day SMA at 3.94, with its 50-day at 4.10. Soybean passed its 10-day SMA at 9.76, with its 50-day at 10.41.
The China story on sorghum yesterday seemed to be undermined today with a flash sale announced to none other than China. Export sales as a whole today were very positive for new crop, but old crop sales were week into the end of the year.
Europe production concerns were brought up again today with Ukraine’s farm minister saying that the country’s combined grain and oilseed production in 2024 would fall 15% year-over-year due to unfavorable weather, without giving an exact estimate. The European Commission cut their 2024/25 wheat production estimate from 120.8 to 116.1 MMT, still a four-year low.
Today's Food for Thought, an Article from Real Agriculture "How carryover 2023 crop on farm is impacting farmers' outlook during 2024 harvest".
Funds were thought to have been all buyers.
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