Weather and good export demand kept wheat futures pointed higher on Friday, while both corn and soybeans fell.
A day after posting big gains, with the benchmark Chicago market up more than 20 cents, wheat futures posted further -albeit smaller – gains today. Dryness in the Black Sea region and for the US winter wheat crop on the southern Plains again helped to power wheat higher, with the nearby Chicago contract up near the highest since December 2014. Further support came from a positive USDA weekly export sales report that showed wheat bookings for the week ended Oct. 8 on the high end of trade estimates at 529,000 tonnes. December Chicago wheat climbed 7 cents to $6.25 ¼, December Kansas City was up ¾ of a cent at $5.58 ¾ and December Minneapolis added a penny to $5.59.
Harvest pressure helped to pressure soybeans, with US farmers reportedly selling heavily off the combine to cash in on current strong prices. Weekly export sales were above expectations at 2.63 million tonnes, with almost 1.6 million tonnes of that going to China alone. However, almost half of those sales to China were previously announced. The USDA’s mandatory reporting system also today reported two new US soybean sales to unknown destinations; the first for 175,000 tonnes and the second for just over 216,000 tonnes. November soybeans were down 12 ¼ cents to $10.50 and January lost 11 ¾ cents to $10.50 ¼.
For corn, the USDA reported a large export sale of 128,000 tonnes of corn to Mexico through its daily reporting system this morning. However, the weekly export sales report showed 655,000 tonnes of corn bookings for the week ending Oct. 8 - down 46% from the previous week and on the low end of expectations. December corn slipped 1 ¾ cents to $4.02 and March was a penny lower at $4.07.
Live cattle and lean hogs were both lower today.
Source: DePutter Publishing Ltd.
Information contained herein is believed to be accurate but is not guaranteed by the parties providing it. Syngenta, DePutter Publishing Ltd. and their information sources assume no responsibility or liability for any action taken as a result of any information or advice contained in these reports, and any action taken is solely at the liability and responsibility of the user.