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Despite a double-digit loss on wheat, there doesn't seem to be a big headline to tie it to. I seems as though it does not matter what happens in France/Germany/Russia/India, spot wheat can not break out of its 1-month 40 cent range from 5.55 to 5.15. A high pressure ridge keeps Europe and western Russia hot/dry for at least another week, while China and Australia are also seen staying on the hot side... should we be seeing some weather premium building for this? Russia continues to drive the cash market lower, undercutting the global pricing.
Corn and beans were slightly higher today on low trade volume, and decent reports coming out of the ProFarmer tour. Today's crop tour results look to be confirming a big crop, but not much to indicate that it's any more than what has already been priced into the market, assuming normal seed sizes, allowing for some market stability. The market will hum and haw about comparing the the actual yield numbers when it comes to the crop tour vs. the USDA. Check out the corn historical differences below.
This morning, the USDA confirmed the following export sales of U.S. soybeans for delivery in 2024/25: 132,000 tonnes to China & 121,000 tonnes to unknown. China has returned to the US soybean market over the last couple of weeks, helping to put some support under a market that has been a disaster for much of the summer.
Funds were thought to have been mixed today with corn and beans buyers and wheat a seller.
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