Grain Markets were lightly pressured as traders note regular South American rains are coming at the same time as impatience mounts over the next round of Chinese purchases of US products. Strength remains in grain markets but questions remain over US pricing for soybeans as we transition into November. Tuesday’s grain trade was characterized by new highs for the uptrend for corn and soybeans as well as the inability to hold those levels into the close. December corn closed 6 1/4 cents of the day’s high. January soybeans finished 12 cents off their highs. Ukraine corn production was lowered to 33.8 million tonnes according to APK-Inform. This follows two new estimates from Monday at 30.0 and 33.0 from the Ukraine trader’s union and the Ag Ministry. USDA’s 10/9 estimate is 36.5. The trade will monitor production estimates of the world’s #4 exporter closely. Over 80% of their production is exported. Brazil’s soybean export prices remain far over US values in the short term. However, as November rolls around buyers will be procuring for the spring market where South American supplies will be abundant, despite short term planting concerns. Traders wonder how China will react during this time.
October 28, 2020
Today: .2" Monthly: 4.7"
Updated:10/28/2020 @ 3:45 PM
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