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Mercantile's weekly blog reports that funds were net short about 50 million tonnes across grains, with Iraq buying 450,000 tonnes of US winter wheat. EU wheat exports were 26 percent lower than last year, and Chinese buyers took 480,000 tonnes of Canadian canola in October.
Soybeans are expected to trade in a $9.50 to $10.00 range.
Lower EU wheat exports and steady Asian buying support export demand, but expected pressure on cash premiums from harvest selling points to softer physical prices. Soybeans are seen range-bound unless China buys more.
mercantileventure.comMarlene BoerschNov 6, 2017Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
