CHICAGO CORN MARKET was up 0.06%. Corn market showed a fractional gains for those nearby months only. Technically, CZ24 remained at $4.15 as main supportive lines.
Not much fresh news overnight, US corn harvest is going well with big yields and Hurricane moved out to the sea crossing Florida today. US corn cash market is going softer with increased farmer selling. However, market estimate 183.4 BPA as new crop yields on this coming USDA report on Friday. It was 183.6 BPA in September USDA report. It means October report might have another bullish numbers again but real yield and production could be revised later. Confusing again…
CHICAGO WHEAT MARKET was up again. SRW PRICE was up 0.7%, HRW PRICE was up 0.8% and HRS PRICE was up 0.5%. Stronger Eastern European wheat value pushed wheat price again. Private analysts estimated Russian winter wheat planting could have decreased by more than 10% due to the drought conditions on the field but Russian government officially denied. So, once again, what’s the real story here? Algeria have bought 570K TONS of milling wheat at CNF $262.50/MT last night. Most traders believe that comes from Russia. So, another mystery here, Russian’s 12.5% protein max…
