Corn “went down on Friday in response to the report. we tend to couldn’t file through it all yesterday. therefore we tend to truly finished up finding some short-covering and that i suppose the markets are simply quite sold-out out right away,” aforementioned Jack Scoville, a senior analyst at value Futures cluster in Chicago.
USDA’s production report raised the 2017-18 U.S. corn harvest, shocking traders UN agency had expected it to drop. Corn stocks were raised additionally.
Scoville feels the market is completed its downward trend and is prepared to stabilize, adding we tend to might even see a rally of ten cents to induce back to the $3.60-$3.70 per bushel vary (all figures US$).
With the executive department reports out, attention has currently turned to South America wherever there's potential for an outsized corn crop.
“We still have lots of corn down here. however on the opposite hand, the market hasn’t been able to do something with the draw back given some rather huge provides and a giant carryout projection for next year. therefore it acts like it’s happening,” Scoville aforementioned.
Soybeans, on the opposite hand, listed higher following Friday’s releases. executive department down its 2017-18 production forecast that was the alternative of what analysts had thought would happen.
The March contract settled weekday at $9.69 per bushel, up nineteen cents since the report was free.
“It looks to be at an area wherever folks are willing to sell the market… it hasn’t extremely been able to run higher however it’s additionally quite in an exceedingly vary,” Scoville aforementioned.
As with the corn markets, interest has currently shifted to South America, wherever the harvest is quick approaching with crops presently within the flowering and pod filling stages.
“Given that the weather is a smaller amount than excellent, i feel there’s a note of caution here.
therefore I expect the market to be quite stormy and sideways over there,” Scoville aforementioned.
The big surprise from Friday’s releases was in winter wheat acres, that were larger than expected. The news sent the Chicago March contract down quite ten cents to shut Friday at $4.21 per bushel.
However, Scoville aforementioned, the market has seen some support on with Egyptians shopping for wheat. It closed Friday at $4.22 per bushel.
U.S. wheat, he said, is “relatively low cost right away. therefore i feel the very fact that the Egyptians are paying alittle bit extra money is quite optimistic for North American nation.”
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