Thursday, 17 October, 2019

CBOT corn, wheat futures rise on smaller than expected stockpiles

Irene Mckinney | 03 October, 2019, 00:24

Average trade estimates are for around.98 billion bushels of USA soybean stocks, 2.3 billion bushels of U.S. wheat, and 2.4 billion bushels of corn. December corn was up 16.5 cents, or 4.44 percent, to 3.88 dollars per bushel.

USA corn, soybean and wheat futures fell on Wednesday on a round of technical selling after posting sharp gains earlier this week, traders said.

"Unfortunately it looks like the Black Sea region and Europe will continue to dominate such tenders with USA wheat not seen with much of a chance", one trader said.

"Unfortunately it looks like the Black Sea region and Europe will continue to dominate such tenders with USA wheat not seen with much of a chance", one trader said. The two sides agreed to continue to maintain communication on related issues.

The USDA separately said 11% of USA corn and 7% of soybeans were harvested, below normal for this time of year. In the end, Corn futures completed 16½¢ greater at $3.88.

INTL FCStone's forecast for this year's US corn harvest added to the bearish tone.

Corn futures were slightly higher on technical buying but better-than-expected crop conditions kept the gains in check.

The USDA rated 57 percent of the corn crop in good to excellent condition, up from 55 percent last week and above an average of trade expectations.

Soybeans rose on renewed optimism about Chinese demand for US supplies of the oilseed.

Tony Romo makes 2019-20 PGA Tour debut at Safeway Open
On Thursday, Scott - averaging 323.4 yards off the tee - fired a 7-under-par 65 to share the first-round lead with Andrew Landry . Watney needed just 22 putts to complete his round and stay within range of DeChambeau.

"We were surprised that USDA didn't make an adjustment in USA corn production for 2018 because stocks came in much below expectations", said Terry Reilly, senior analyst for Futures International in Chicago. Investors instead turned their attention toward grain stocks data set to be published next Monday by the USDA. The outlook is uncertain, there are some Chinese purchases, but the U.S.

Chinese firms have recently inquired with US suppliers and purchased USA agricultural products, a spokesperson of Chinese Ministry of Commerce (MOC) said on Thursday.

The deals offered some support to a market anxious that the prolonged U.S./China trade war will continue to depress Chinese imports of U.S. soybeans.

Corn futures went down on disappointing weekly export data. Soybeans rose 1.4% on Tuesday, hitting their highest since July 22 at $9.20 a bushel as Chinese purchases and a lower-than-expected estimate of USA stockpiles supported prices.

Wheat futures ended higher after a five-session slide, buoyed by short covering and concerns about wet conditions damaging US spring wheat crops.

CBOT agricultural futures settled mixed on Friday, with wheat futures rising on adverse weather.

For example, spring wheat harvest in Montana was 84% finished on September 29 compared with the five-year average of 97% for that date.

There is a bit less risk aversion in the marketplace Monday, following markets being roiled last Friday by reports the U.S. was considering limiting United States investors' investment in China, including the USA stock exchanges de-listing Chinese companies.

"Soybeans, corn and wheat markets are all seeing a pullback today with some profit taking and re-positioning after their strong rises this week", said Matt Ammermann, commodity risk manager at INTL FCStone.

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