Good afternoon friends,
Dec Corn – 329’0 (-2’6)
Nov Beans – 946’0 (-6’4)
Dec KC Wheat – 420’6 (+1’4)
Dec Chi Wheat – 402’6 (-1’4)
Dec Cotton – 68.68 (-1.06)
Nov WTI – 46.40 (+1.72 as of 1:18 pm)
Grains were boring as ever today, with corn, wheat and soybeans trading near opening ranges. Corn, beans and Chi wheat closed near their lows while the KC and Minny contracts closed near highs. There is an obvious bid for quality going on with the Minny and KC blowing out to near term highs vs the Chicago contract in December.
In the pod today:
- The OPEC meeting in Algeria appears to have ended in an agreement. Crude is up 2.00 (!) since the news was released.
- There is a bid for protein going on in the wheat markets. KC vs Chi trades up to 1 year highs on the Dec contract
- DEMAND! Mexico buys 1.6 MMT of corn, China buys 350 KMT of beans. US port offers for corn is right above where Russia is offering feed wheat, which is supportive.
- Cotton gets stepped on as conditions appear more friendly for the weeks ahead.
We have trade recs out in corn and cotton, call the desk with questions 866-825-8561
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