Still waiting the quarterly report quite nervously and the only thing to do is risk-off, wait and see. So unsurprisingly, market ended softer with funds taking profits: they sold 1,000 lots of Corn, 3,500 lots of Soybeans and 3,000 lots of Wheat. As it was the CFTC COT cut-off, market will expect to see funds buyer of 6,000 lots of Corn over the week ending yesterday, seller of 11,000 lots of Soybeans and net flat on Wheat.
So, Soybeans moved down -6.00 cents, Corn was flat, Wheat was down -5.25 cents in Chicago, -4.25 cents in Kansas and -4.00 cents in Minneapolis. On the other side of the Pond, MATIF was flat and London Feed was up +£0.40 on low volumes.
Night session in Chicago is still on the downside with Soybeans down -1.25 cent, Corn down -0.75 cent and Wheat down -3.00 cents. Ad this time, European markets are following despite stronger US dollar with MATIF down -€0.75 and London feed -£0.50.
Taiwan’s MFIG bought 65,000T of US corn, Japan did not receive offers on the not popular SBS feed wheat and feed barley tender. Jordan did it! They managed to purchase 50,000T of hard wheat at $222.50 CNF August shipment, sold by CHS.
Stronger US dollar as EURUSD is now trading below 1.2400 and GBPUSD below 1.4150. However, CB Consumer Confidence was lower than expected yesterday, to 127.7, but today, final US quarterly GDP Is expected to grow at +2.7%. US Crude Oil Inventories are expected at +0.5M barrels as NYMEX is back down below $65, trading around $64.60 (ICE Brent is trading at $5.15 premium).