General Comments Corn and soybean markets were quite weak today and there weren't many good reasons why. Here is some of today's market chatter:
Concerns about an increased pace of harvest and some hedge pressure. The problem with this theory is that basis levels are getting stronger, not weaker. China is again projecting a record corn crop. We're not buying it. It seems a stretch to believe in record production during a year of significant weather extremes. Funds were selling soybeans for technical reasons. This does make some sense. November futures tried to trade above $13 several times this week and couldn't hold those gains. Weather across important regions in western Argentina, specifically Cordoba, has been extremely dry...
What You Need to Know Today: Chinese purchases of U.S. soybeans continued to accelerate, with USDA reporting another 558 KMT sold to China and 236 KMT to unknown destinations. Combined with sales announced Wednesday and Thursday, the latest purchases bring the three-day total to approximately...