Grains

Soybeans tried to rally yesterday on the back of the recycled headline: “Renewed Trade Optimism”, but ultimately failed to hold those gains through the floor open.
Corn Futures rebounding early this morning after weekly crop progress report showed harvest just 30% completed, 3-4% behind already lagging expectations
Chicago wheat futures staged a huge rally last week, much of that on the back of technical short covering. Friday’s Commitment of Traders report showed funds bought 8,573 contracts, trimming their net short position to 10,564 contracts.
The Soybean market tried to run higher yesterday but fizzled out into the close. The lack of bullish headlines and harvest has kept a lid on things through the week.
Oliver Sloup breaks down the busy day in grain futures markets. Corn futures traded down -14 cents and Soybean futures traded down -1.25 cents after the WASDE report.
Chicago wheat bucked the trend and traded higher during yesterday’s session as fundamentalists point to hopes of improving demand.
Corn futures saw another round of profit-taking yesterday, spilling into the overnight and early morning session. In yesterday’s report, we wrote: “We remain optimistic on prices but continue to feel a pullback/cleanse would be healthy for the market.
Oliver Sloup breaks down the busy day in grain futures markets. Corn futures traded down -14 cents and Soybean futures traded down -1.25 cents after the WASDE report.
Corn futures gave back some ground yesterday as producers looked to reduce risk ahead of this morning's WASDE report.
December corn futures printed their highest price since August 12th (USDA report day) as funds continued to cover short positions ahead of tomorrow’s WASDE report and the looming freeze/snowstorm.