- Volatility remains the order of the day to day with CBOT markets trading lower and higher before ultimately settling in the green at higher levels. Wheat markets seemed to get the “jitters” on continued Ukraine unrest as well as continued concern over dry conditions in the US. Funds were reported to be active, particularly in wheat, albeit in low volumes but sellers have been noticeable by their absence. Corn followed, as is often the case, in order to maintain something of a credible price relationship to wheat.
- News of Chinese efforts to delay or switch soybean shipments continues to be rife, although the impact on the market, as evidenced in pricing today, is minimal. It has been suggested that up to 1 million mt of S American soybeans will find their way into the US prior to the US harvest, and this is in addition to supplies already in progress from Canada.
- Regardless of tonight’s closing prices, there has been little in the way of fresh and bullish news to support direction. On the back of this we are sceptical of whether it is possible, or practical, for current pricing to remain at current levels for long.