- Today we have seen pre report positioning take the front spot with grains catching a bid whilst soybeans turned lower as the Nov ’16 contract tested the psychologically important $10.00/bu level and price action reversed yesterday’s trends. The lack of soybean sales announcements to China, after ten consecutive days of sales, created some profit taking and the stronger US$ helped the grains higher.
- We would expect to see a continuation of strong export sales announced on Thursday with soybeans potentially above 2 million mt and corn in the 1.3-1.6 million range.
- News continues to circulate regarding heightening Russian/Ukrainian tension in Crimea, and the potential impact on grain markets should not be ignored. At this time there is no evidence of any risk premium in prices.
- 2015/16 full season UK wheat exports reached 2.85 million mt, the highest since 2008/9.
- Little else in the way of fresh news today as the markets await Friday’s data release from the USDA.