- Early rally efforts in Chicago markets failed with corn, wheat and soybeans all lower as we approach the close. Funds, whom were early buyers, appear to have reverted to selling as markets eased. Saudi Arabia’s purchase of 750,000 mt of hard wheat is reputedly to be sourced mainly from the US, although we are not convinced of this at present.
- The market today is correcting Friday’s rally as traders debate the Argentine and S Brazilian rainfall forecast for next week. Little or no rain occurs this week and the weekend has warming temperatures according to latest forecasts. Some high temperatures will reach the upper 90’s and lower 100’s on the weekend. We continue to want to sell a rally into the end of the year or opening days of 2017. China’s falling Yuan will likely keep a bid under soy!