Typical week Friday, buyers had left for the week-end already! Soybeans moved down -9.50 cents, Corn -8.50 cents, Wheat -4.00 cents in Chicago, -6.00 cents in Kansas and -7.50 cents in Minneapolis. London Feed Wheat was marginally down with -£0.30 and MATIF Milling Wheat managed to keep its head out of the water, ending up +€0.75.
In Chicago, funds sold 22,000 Corn, 8,500 Soybeans and 4,500 Soybeans. CFTC’s COT showed that on a week-ending Tuesday (which saw Wheat moving down -0.33%, Corn up +5.21% and Soybeans up +1.90%), funds decreased their short position across the board but in a lesser extent than anticipated. Funds bought 260 lots of wheat, decreasing their short position to 1,119 lots. They also bought 28,497 lots of Corn and 11,199 lots of Soybeans, decreasing their short position to respectively 112,779 lots and 58,614 lots. From Wednesday to Friday, it’s expected funds were back on the sell side, selling 11,250 Wheat, 18,000 Corn and 1,500 Soybeans.
Nothing much on Corn and Soybeans on a weekly scale: Soybeans were down -0.21%, SoyMeal down -0.16%, only SoyOil was a significant move, up +2.10%. Corn moved down -0.28% in Chicago, -2.60% in MATIF in US dollar (EURUSD was down -1.20% though). Wheat was definitively more active but wit a bit of transatlantic discrepancy: Wheat move down -2.44% in Chicago, -2.67% in Kansas and -1.72% in Minneapolis. On the other side of the Pond, MATIF Wheat was down -0.12% in euro (-1.32% in US dollar), and -0.11% on London Feed in British Pounds (-0.48% in US dollar as GBPUSD was down -0.37%).
Night session is relatively quiet and sideways so far with Soybeans down -0.75 cent, Corn up +2.50 cents and Wheat -1.25 cent in Chicago, +0.25 cent in Kansas and -1.25 cent in Minneapolis. MATIF is still waiting for the next catalyst to diverge from €200 abnd is currently trading a tick above the €200 mark, down -€1.25 on day. London Feed is trading down -£0.15.
Morocco received no offer on the tender of US durum under the reduced tariff quota.
On the macro side, the trilateral deal between the US, Mexico and Canada is finally done. But no major move on currencies: EURUSD is a tad down, trading just blow 1.16, USDCAD is more significantly down, -0.75% trading just above 1.28. Else GBPUSD is trading around 1.3025 as the Tory party is starting its annual conference. EU Final Manufacturing PMI was a marginal tick lower than expected to 53.2, UK Manufacturing PMI was better to 53.8. ISM Manufacturing PMI later expected at 60.1.