All crop futures appeared to bottom out this week following the 2-week sell off on bearish Acreage, Grain Stocks, and WASDE reports along with ideal weather and crop conditions. All three complexes traded mixed through the week, overall corn and wheat ended lower and soybeans mostly higher compared to prior Friday’s close.
All crop futures appeared to bottom-out this week following the 2-week selloff on bearish Acreage, Grain Stocks, and WASDE reports along with ideal weather and crop conditions. All three complexes traded mixed through the week, overall corn and wheat ended lower and soybeans mostly higher compared to prior Fri’s close.
Corn: Ideas the market was oversold and bargain hunting were positives for corn early in the week. Improving growing pace and condition ratings in the Crop Progress report sent futures to new lows on Tue. The weekly ethanol report boosted futures on Wed as production increased 1.7% and stocks 1.9% from the week prior. Positive export news was also a supportive factor later in the week, as the USDA announced a 8.3 million bu sale of new-crop to unknown destina- tions and weekly export sales came in above expectations. Concerns about further unrest in Ukraine following a plane crash there on Thu, with speculation the plane may have been shot down, caused traders to panic-buy. Futures moved lower on Fri, adjusting from the gains made the prior day and on pressure from prospects of large supplies this fall.
Soybeans: Bargain hunting and oversold conditions moved futures higher Mon, while good crop condition ratings sent futures lower on Tue. Futures moved higher Wed in response to USDA export sale announcements of 4.4 million bu old -crop to China and 8.8 million bu new-crop to unknown destinations. Futures moved lower Thu despite news of 26 mil- lion bu new-crop soybeans sold to China and decent weekly export sales. On Fri futures ended mostly lower, despite the USDA announcement a sale of 17 million bu new-crop soybeans to unknown destinations.
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Source: Alberta Pork