- Grains extend impressive post-report rebound
Promise of resumed China trade talks boosts major markets.
- Turner’s Take Podcast: August 16, 2018 | China Wants To Talk
June can be a good month of weather rallies as spec traders look to play the upside while farmers look to market more corn and soybeans. Listen to industry...
- Corn - Just My Opinion
Buying a Rally Into Harvest - Not Me!!
Agricharts Market Commentary
Corn futures ended the Thursday session with most contracts 3 to 4 cents higher. Bulls got help from decent export sales data and spill over from soybeans and wheat. The weekly FAS Export Sales report indicated old crop sales on the light side of trade estimates at 338,983 MT, with new crop higher that the range of expectations at 1.045 MMT. Combined sales in the week of 8/9 were 88.48% larger than the same week last year and 14.16% larger than the week prior. Export shipments of corn were tallied at 1.22 MMT during that week, down from the week prior but 74.67% larger than last year. The primary destination was Mexico at 463,100 MT, with 290,700 MT headed to Japan. China sold 1.53 MMT of corn from state reserves into the domestic market, totaling 38.43% of the amount offered.Sep 18 Corn closed at $3.65 1/4, up 3 3/4 cents,Dec 18 Corn closed at $3.79 3/4, up 3 3/4 cents,Mar 19 Corn closed at $3.91 1/2, up 3 3/4 centsMay 19 Corn closed at $3.98 1/2, up 3 3/4 cents
Soybean futures closed 26 to 28 1/4 cents in the green on Thursday, after China indicated that it would return to the bargaining table with the US for low level talks. That’s not the same as having a deal, but you can’t get a deal if you aren’t talking! Nearby soy meal was up $5.10/ton, with soy oil 27 points higher. A private export sale of 154,404 MT of 18/19 soybeans was reported to Mexico under the USDA’s daily reporting system. The weekly Export Sales report showed old crop soybean sales on the low-end estimates at 133,414 MT. Unknown destinations had a net reduction of 205,500 MT, with most of that being switched. New crop sales were reported at 571,554 MT, up 7.3% from last week. Soybean exports in the week of August 9 were 586,559 MT, down sharply from the week prior and 21% lower than last year. The Inspections report on Monday had already hinted at a smaller number. Soy meal export sales were seen at a combined total of 354,487 MT, as soy oil was just 5,124 MT.Sep 18 Soybeans closed at $8.85 1/2, up 28 cents,Nov 18 Soybeans closed at $8.97, up 28 cents,Jan 19 Soybeans closed at $9.09 1/4, up 28 1/4 cents,May 19 Soybeans closed at $9.30 1/2, up 26 1/2 cents,Sep 18 Soybean Meal closed at $334.60, up $5.10,Sep 18 Soybean Oil closed at $28.15, up $0.27
Wheat futures saw gains of 10 to 13 cents in most contracts, after getting support from positive export sales data this morning. Thursday afternoon, US Trade Rep Lighthizer stated that he hopes there will be a breakthrough in NAFTA negotiations in the next few days. The USDA reported a private export sale of 200,000 MT of HRW wheat to Iraq for 18/19 through their daily reporting system. Export Sales data showed all wheat sales in the week that ended August 9 at a robust 803,047 MT! That was up 153.3% from last week and a MY high, as it was also 26.8% larger than this same week last year. Mexican importers purchased 247,800 MT of that, with the Philippines buying 177,900 MT. All wheat shipments were tallied at 461,604 MT. That was the largest this MY, and the highest weekly total since April.Sep 18 CBOT Wheat closed at $5.42 1/4, up 10 cents,Sep 18 KCBT Wheat closed at $5.47 1/2, up 12 1/4 cents,Sep 18 MGEX Wheat closed at $5.96 1/4, up 12 3/4 cents