|

10-15 Midday: Limited News Keeps Grains Mixed at Midday

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • By midday Wednesday, corn turned higher, although the lack of significant market-moving news limited the rally. December corn is up at 4.14½.
  • CONAB’s latest production estimate fell short of market expectations, suggesting a more modest output outlook. Meanwhile, export inspections declined 33.6% from the prior week but continued to outpace last year’s levels, up 119.7%.
  • Forecasts indicate a wetter trend moving into the central and eastern Corn Belt over the coming week, which may cause only slight disruptions to harvest progress. The 8–14 day outlook suggests a transition to drier conditions across the entire Midwest, accompanied by continued above-normal temperatures.

  • By midday, soybeans moved into positive territory as traders reacted to developments out of China. Amid the ongoing government shutdown, limited market news with a hint of optimism has been enough to trigger modest gains. November soybeans are at 10.07½, with the entire soy complex showing midday strength.
  • President Trump threatened to halt imports of Chinese cooking oil, a move traders viewed as supportive for U.S. soybean oil prices. China’s cooking oil exports to the U.S. are already down 65% year over year.
  • USTR representative Greer stated yesterday that it is up to China whether the 100% tariff will take effect on November 1, noting that discussions are ongoing to find a path forward following China’s unprecedented rare earth export controls. China’s increasingly aggressive stance is likely to keep soybean markets under pressure until there is a shift in tone or a Trump–Xi meeting is confirmed.
  • Wheat futures are lower at midday amid the ongoing government shutdown. With limited market-moving news, traders see little incentive to push prices higher. December wheat is down at 4.96 ½.
  • CONAB’s latest Brazil wheat report leaned slightly bearish, with higher yield projections and increased ending stocks versus a year ago, signaling improved supply conditions.
  • While export expectations were at the lower end of the projections, they remain 17% above last September, with marketing-year-to-date shipments up 18%.
  • LSEG maintained their production estimates for the EU, UK, and Australia, leaving them unchanged from the previous month.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.

Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.