Market Commentary 9 Oct 2024
Wheat Commentary
US wheat futures edged higher on Wednesday October 9, with traders taking cues from technical signals and speculation that the USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report will show lower forecasts for global and domestic ending stocks.
Corn Commentary
US corn futures were little changed on Wednesday October 9 as traders awaited the USDA’s influential World Agricultural Supply and Demand Estimates (WASDE) report, which is projected to bring lower forecasts for domestic corn production and domestic ending stocks.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange returned to positive territory in a volatile session on Wednesday October 9, breaking a five-session streak of losses as market participants adjusted positions ahead of this week’s World Agricultural Supply and Demand Estimates (WASDE) report, despite pressure from external markets and soybean products.
Vegoils Commentary
Vegoils futures trended mostly lower across markets and regions on Wednesday October 9, while crude oil prices continued to decline under risk-off positioning, Fastmarkets heard.
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Market Commentary 8 Oct 2024
Wheat Commentary
Global wheat futures rose on Tuesday October 8 amid concerns about dry conditions in Russian growing regions, as well as tensions in the Black Sea and a flurry of buying activity.
Corn Commentary
US corn futures declined on Tuesday October 8 while the country’s harvest continued to gather strength, while Chinese contracts dropped sharply after trading resumed after a one-week break.
Soybean Commentary
Soybean futures dropped double digits on the Chicago Mercantile Exchange on Tuesday October 8 amid the fast pace of harvest in the US and forecasts of rain for South America, with pressure from the sharp decline in crude oil.
Vegoils Commentary
A sharp decline in crude oil prices linked to easing tensions in the Middle East and profit-taking weighed on Malaysian crude palm oil (CPO) and Chicago soyoil markets on Tuesday October 8, with the latter falling steeply on the day.
Market Commentary 7 Oct 2024
Wheat Commentary
US wheat futures edged higher on Monday October 7 as market participants focus on dry weather in Russian growing regions and on concern about the continued flow of shipments from the Black Sea region.
Corn Commentary
US corn futures edged higher on Monday October 7 on continuing strong demand, rising oil prices and a flurry of tenders.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange fell on Monday October 7 amid a forecast for rain in most of Brazil’s productive areas, as well as expectations of US harvests at a fast pace.
Vegoils Commentary
Crude palm oil (CPO) futures reversed early losses to end in positive territory at the close of trading on Monday October 7, with the most active third-month CPO futures contract for December delivery on the Bursa Malaysia exchange gaining 1.05% to close at 4,345 ringgit ($1,015) per tonne, the highest since early-April this year.
Market Commentary 4 Oct 2024
Wheat Commentary
US and European wheat futures retreated for a second day on Friday October 4 while the dollar advanced against its peers, reducing the competitiveness of US exports.
Corn Commentary
US corn futures fell on Friday October 4 on advancing harvests across the Americas.
Soybean Commentary
Soybean futures ended the week down on the Chicago Mercantile Exchange on Friday October 4, mainly under bearish pressure from rain forecasts in Brazil while geopolitical tensions and US payroll data remained in focus.
Vegoils Commentary
Malaysian crude palm oil (CPO) futures rose sharply to a multi-month high on Friday October 4, with tensions continuing to escalate in the Middle East, while soyoil futures in Chicago gave away part of Thursday’s gains.
Market Commentary 3 Oct 2024
Wheat Commentary
US and European wheat futures retreated from multi-month highs on Thursday October 3 as a failure to hold gains spurred technical selling.
Corn Commentary
US corn futures fell on Thursday October 3 on profit taking following support received earlier in the week and advancing harvest pressure.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange were broadly flat on Thursday October 3, with a surge in crude oil and soyoil prices offset by expected rain over Brazil’s main productive areas as well as geopolitical tensions.
Vegoils Commentary
Soyoil futures in Chicago climbed further on Thursday October 3 supported by a continued surge in crude oil prices, while crude palm oil (CPO) futures in Malaysia edged marginally lower.
Market Commentary 2 Oct 2024
Wheat Commentary
US and European wheat futures climbed to multi-month highs on Wednesday October 2 on increased concern about drought conditions in Russia and tension in the Black Sea region.
Corn Commentary
US corn futures remain supported on Wednesday October 2 on strength in the wheat market and raised concerns regarding Mexico's ongoing GMO dispute.
Soybean Commentary
Soybean futures on the Chicago Mercantile Exchange were slightly down on Wednesday October 2, driven by a sharp drop in soymeal prices after the EU anti-deforestation law was delayed, along with a forecast for rain in Brazil that could allow soybean sowing to pick up.
Vegoils Commentary
Vegoils futures and cash prices rose across most markets on Wednesday October 2, with higher crude prices providing support earlier in the day while soyoil prices in Chicago caught a bid on product-spreading dynamics as soymeal futures fell steeply.
Market Commentary 1 Oct 2024
Corn Commentary
US corn futures trended higher on Tuesday October 1 on lower-than-expected crop ratings, the announcement of a flash sale and spilled over double-digit strength in the wheat market.
Soybean Commentary
Soybean futures were up on the Chicago Mercantile Exchange on Tuesday October 1, driven by fresh US net sales and a sharp climb in crude oil prices amid geopolitical tensions and despite a faster-than-expected US harvest.
Vegoils Commentary
Crude palm oil (CPO) futures in Malaysia rose slightly and soyoil futures in Chicago increased more steeply, borrowing strength from surging crude prices on Tuesday October 1.