Which was actually a little better than fellow grain corn managed, despite some initial concerns over in Brazil, as sowing of the main crop commences, and continued reports of poor yields.
Chicago corn for December stood 0.25 cents lower at $8.08 ¼ a bushel, and some 2 cents below the 20-day moving beneath which it closed again last night.
That initial wave of early corn harvest yield reports has trade predisposed to a corn yield closer to 120 bushels per acre than 125 bushels per acre" when the US Department of Agriculture on September 10 releases its next Wasde crop report
Hurricane Isaac is hardly expected to have helped matters, bringing wind and rains which may have flattened crops in some areas, and caused some ears to fall, while causing crop-stressing high temperatures further west and north.
Still, "confirmation of a lower ethanol grind, disappointing export sales, reports of more wheat in the feed ration and lacklustre CIF corn basis are collectively wearing on the longs
Soybeans showed more definite direction, downwards, as investors faced with the plethora of influences listed above, opted for caution, despite continued concerns over the pace of demand.
US export sales data on Thursday showed a solid figure of 721,400 tonnes for soybeans, at the upper end of market expectations.
"Given only a smattering of soy yield reports thus far, and a pick-up in August Midwest rains, we think the trade is leaning toward a higher soy yield than the USDA's August forecast,
Nonetheless, "the market is concerned less about a possible modest gain in the 2012 US soy crop than by the ongoing brisk pace of US soybean demand".
Still, soybeans fell on profit-taking, by 0.4% to $17.55 ¾ a bushel for November delivery.
Macro data
Then there is the meeting of central bankers at Jackson Hole to worry about, a session which will be studied for any hint of willingness to ease monetary policy and stimulate economic growth.
German retail sales data on Friday only underlined the difficulties alive in the world economy, showing a decline for the European Union's largest economy of 0.9%, compared with expectations of a 0.2% rise.
And this before getting down to the usual trickle of results from the US harvest, and the Russian agriculture ministry meeting later over which there is some expectation of taxes on shipments, despite protests from the likes of Ros Agro chief executive Maxim Basov.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment