Funds may be active on last trading day of the month
A mostly higher start is expected this am, 5-10 in wheat and beans, steady/mixed corn. The $ is slightly lower this am, which could lend support to all the grains.
Deliveries totaled 4900 wheat to Nov 27, just 3 corn, to March 2 and 2800 oil to Nov 12. There were no meal deliveries, as expected. Dreyfus stopped (took delivery) 1028 of the wheat, which might lend some support to the Dec on a spread basis today. The near total absence of deliveries against Dec corn helped it gain on a spread basis vs the other months overnight and could do so today as well.
Corn harvesting this afternoon is likely to be reported between 75-80% complete with beans over 95% done.
The Commitment of Traders report will be out this afternoon, delayed from Friday afternoon by the Thanksgiving day holiday.
Dalian, China grain futures were higher today with beans making new highs for the year following fund buying. The Chinese government announced policies designed to boost domestic bean prices, which was thought to be at least partly behind the increased fund support.
Today is the last trading day of the month, a day on which the funds reputedly are more active. Traders remember the first couple days of Nov, when large scale fund buying swept prices much higher and some traders think the same thing is going to happen the first few days of Dec. This belief could make some traders reluctant to sell ahead of this expected large scale, aggressive fund buying, which it is thought will start tomorrow.
Argentine grain areas benefited from up to 1.5" of moisture over the weekend but mostly dry weather is forecast this week. Way too much rain continues falling in Rio Grande state in far southern Brazil, the third largest bean producing state in the country. Up to 2" of rain was seen this weekend and up to 1.5" is forecast today-Wednesday before dry weather finally moves into the state the second half of the week. The rest of Brazil remains in very good shape overall weather-wise.
Generally dry weather was seen over the weekend in the Midwest. The western half of the belt will be mostly dry this week. The eastern half will be dry until mid week, when scattered, light precipitation in the form of rain or snow is likely in the southeast part of the region. The 6-10 day predicts generally below normal precipitation. Corn harvesting should proceed rapidly in most of the Midwest this week. Mostly favorable conditions remain in the southwest winter wheat belt.
Deliveries totaled 4900 wheat to Nov 27, just 3 corn, to March 2 and 2800 oil to Nov 12. There were no meal deliveries, as expected. Dreyfus stopped (took delivery) 1028 of the wheat, which might lend some support to the Dec on a spread basis today. The near total absence of deliveries against Dec corn helped it gain on a spread basis vs the other months overnight and could do so today as well.
Corn harvesting this afternoon is likely to be reported between 75-80% complete with beans over 95% done.
The Commitment of Traders report will be out this afternoon, delayed from Friday afternoon by the Thanksgiving day holiday.
Dalian, China grain futures were higher today with beans making new highs for the year following fund buying. The Chinese government announced policies designed to boost domestic bean prices, which was thought to be at least partly behind the increased fund support.
Today is the last trading day of the month, a day on which the funds reputedly are more active. Traders remember the first couple days of Nov, when large scale fund buying swept prices much higher and some traders think the same thing is going to happen the first few days of Dec. This belief could make some traders reluctant to sell ahead of this expected large scale, aggressive fund buying, which it is thought will start tomorrow.
Argentine grain areas benefited from up to 1.5" of moisture over the weekend but mostly dry weather is forecast this week. Way too much rain continues falling in Rio Grande state in far southern Brazil, the third largest bean producing state in the country. Up to 2" of rain was seen this weekend and up to 1.5" is forecast today-Wednesday before dry weather finally moves into the state the second half of the week. The rest of Brazil remains in very good shape overall weather-wise.
Generally dry weather was seen over the weekend in the Midwest. The western half of the belt will be mostly dry this week. The eastern half will be dry until mid week, when scattered, light precipitation in the form of rain or snow is likely in the southeast part of the region. The 6-10 day predicts generally below normal precipitation. Corn harvesting should proceed rapidly in most of the Midwest this week. Mostly favorable conditions remain in the southwest winter wheat belt.
posted by InsightPublishing at
8:30 AM
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