- Wednesday saw a quieter day of trading in Chicago soybean futures, which left them slightly weaker with products mixed. Meal traded quietly,just above the monthly lows whilst oil slipped to a five week low before ending about unchanged. The theme of big crop and big demand is still intact, and this will likely see markets continue to trade a broad range. Both crush and export programmes are expected to be record large in coming months, while record yield and revenues (well above insurance values) look as if they will work to cap rallies.
- Corn managed a slight rally despite weak energy markets. E Midwestern yields appear variable although this appears to be improving as work moves further north but currently it is failing to match 2014 (prior record) levels. It feels very much as if we are at, or have been at, the low end of the trading range although it must be noted that the fundamentals are not bullish at this time.
- With the US$ lower wheat ended in Chicago a touch higher amid any real fresh news. We hear that Black Sea offers or quotes are hard to come by, maybe exporters are backing off at current pricing, which may add to or confirm that we have seen the lows. Quality remains an issue in much of the European crop.