CHICAGO CORN MARKET was up today. It was a kind of TURN AROUND MID-WEEK actions today. Corn price was up by 0.9% and managed to hold $4.00 LINE. Trump had interview yesterday and mentioned stronger conflict with China if he wins this election. It’s not going to be a bullish factor in corn market if Trump wins.
US corn harvest completed 47% so far and average number was 39%.
Today, USDA reported another huge corn export sales to Mexico, 1.6 MILLION TONS!! Amazing, right?
Who’d going to take responsibility if those big export contracts would be cancelled a few months later?
Without export sales to Mexico, do you really think CORN price could hold $4.00 today?
Time will be the key for this mystery…
CHICAGO SOYBEAN MARET was reversed today from yesterday. Same tune as corn market. SOYBEAN PRICE was downed by 1.1%, SOYBEAN MEAL PRICE was up 0.6% but SOYBEAN OIL PRICE was downed by 1.8%.
SX24 price barely hold $9.90 today and failed to rebound back to $10.00 lines. That’d become technically big momentum for now. US soybean harvest completed 67% vs 51% average. SOYBEAN basis are firming up at US GULF and PNW. US soybean crush margin goes over $2.10 per bushel, meaning $78 per tones.
