Summary:
Bargain hunters were in play in overnight and early morning trading with rumors of potential increased demand circulating but all three markets finished well off of their intraday highs with Soybean ending with the weakest showing and Wheat ending the day with the strongest showing of the bunch. Wheat appears to have rallied on the heels of short covering.
This morning the USDA announced 290k metric tons of Corn to ‘unknown destination’ for the new crop. Additionally, they reported 256k metric tons of Beans sold to ‘unknown destination’. The Soybean sales broke down as 66k metric tons to the old crop and 190.2k metric tons to the new. There was also a 441k metric tons new crop sale to China.
Wheat was surprisingly strong today gaining 9.25 cents after being up as much as 13.75 cents. Fall and winter Corn and Beans closed the day up in the range of 1.0 to 1.75 cents.
Crude Oil was particularly strong today rising in conjunction with our projected time cycle time line. If it is able to get above 43.60 by the middle of next week we could be looking at low of significance in place.