Another tough day and depressed mood for the markets as Soybeans lost -3.75 cents, Corn lost -2.75 cents and Wheat sell off continued, closing spot on 400 cents (-9.50 cents). Kansas was down -7.75 cents and Minneapolis -5.75 cents. On the other side of the pond I was also a bad mood day as MATIF Milling Wheat moved down -€2.25 and CME EU -€2.25. London Feed Wheat was closed. Last public holiday before Christmas.


Funds sold 7,000 Corn, 3,000 Soybeans and 5,000 Wheat. The overall short might well increase on the next COT as today so far is not screaming funds buying! Indeed, Soybeans are trading down -1.75 cent, Corn -0.75 cent and Wheat -1 cent. No damage limitation on MATIF, reaching new contract lows trading -€1.25 cent, CME EU -€1.75 and London feed is waking up hangover -£1.60.


The last week of the marketing year is going to be a tight call for Soybeans! With 716kT only it needs 1.46MT until the 31st of August, this will be very close indeed. If it’s a miss, this will be quite symbolic, nothing major. With a strong 806kT, corn needs now only 429kT for the last year of the marketing year. Finally, wheat is keeping a good pace with 671kT.


Corn conditions remained unchanged at 62% G/E and 12% P/VP. Soybean conditions got a tad better with 61% G/E (+1% from last week) and 11% P/VP (-1% from last week). 76% of the spring wheat is harvested.


After buying last week 35,000T of SoyOil, GASC is back in seeking wheat. A day down in the markets seeing the Algeria prices (barely above $200 but the quality of the signature is not the same) triggered the interest. It will be a fierce competition but Russian wheat should be there in force as usual. Jordan issued a tender to buy 100,000T of barley. China sold 17,801T of wheat of its state reserves and 1,100T of imported wheat of its reserves, this is however a tiny quantity.


EURUSD is on fire again! Trading above 1.2025. This is purely technical as nothing was given to the bears in Jackson Hole. GBPEUR is now trading below 1.0775.

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