Soybeans continued to ratchet higher while corn and wheat had some modest gains in sympathy. In outside markets, the US dollar and equity futures were lower and crude was sharply off.
Palm oil continued to rally overnight hitting a two-month high helping push soybeans higher and approaching the $10-mark. Egypt overnight announced they bought 420,000 MT of wheat from Russia and Romania. Although there was a US offer thrown into the pool, but none was accepted.
A South Korean feed maker is said to be shopping for 276,000 MT of corn and 69,000 MT of wheat for early 2017 delivery.
In South American weather, Brazil looks good for ample moisture over the next several weeks. Argentina will be dry thru the weekend but rains are expected to bring beneficial moisture early next week.
Crude oil took a hit as API stocks data after Tuesday’s close showed a 5 million barrel build in oil inventories and a nearly 2 million barrel build. For today’s official EIA data, the trade is only looking for a 750,000 barrel build in oil and a 1.25 million barrel decline in gas inventories.
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
