July soybean futures made new contract highs last night (technically they were made early this morning) and November beans are now at their highest price in almost a year… and there really isn’t a whole lot of new fundamental news that can be credited (blamed). The markets actually opened lower last night before turning higher later on – appearing to simply follow a higher move in Asian markets that pushed the funds into “buy mode”. I think with a 3-day weekend coming up (which some will try to turn into a 4-day weekend) and a general feeling of tightness in old crop U.S. soybeans (as evidenced by basis levels that continue to creep higher) the market just found support.
At 7:30 this morning, the export sales report was out and it also injected friendly news into soybeans (we still haven’t received our needed cancellations), pulling them an additional 5-10c higher asap after release - and it was neutral/friendly to corn as well. Details below in chart (in MT).
Opening Calls
Corn 3 to 6 cents higher
Soybeans 18 to 25 cents higher
Dustin Weiner
Have a great day!
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