September 20 Afternoon Comments

By Steve Freed

SOYBEANS

November soybeans closed near 10 ¾ cents lower on the day and this left the market with a loss of 16 ½ cents for the week. After supportive technical action yesterday, November soybeans traded moderately lower on the day into the mid-session and even took out yesterday’s lows. Uncertainty over the China/US trade negotiations, talk of some rains for Brazil next week and currency moves (strong dollar and weak Brazil real) helped to pressure. Weakness was led by selling in soybean oil. News that the China delegation cancelled farm visits and planned to leave the country earlier than expected was seen as a bearish force to drive the market lower late in the day.

Soybean Futures Chart

CORN

December corn closed 2 cents lower on the day, and this left the market with a gain of 2 cents for the week. December corn traded slightly higher on the day into the midsession and even took out yesterday’s highs. The market was under pressure early in the day, but minor support held and buyers emerged even with weakness in wheat and soybeans. News that the China delegation cancelled farm visits and are planning to leave the country earlier than expected was seen as a bearish force to drive the market lower late in the day.

WHEAT

December wheat closed 3 ¾ cents lower on the day and this left the market with a loss of ¾ of a cent for the week. December KC wheat closed 2 cents lower on the day and this left the market with a gain of 7 ¾ cents for the week. December Minneapolis wheat closed 4 cents higher on the day and this left the market with a gain of 18 ¾ cents for the week. News that the China delegation cancelled farm visits and plan to leave the country earlier than expected was seen as a bearish force. The market traded moderately lower on the day and December wheat even taken out yesterday’s lows. The early rally failed to attract new buying interest. December KC wheat traded slightly lower on the day with an inside trading session. New news is lacking but the surge higher in the US dollar does not help.

The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.

2019-09-20T19:51:00+00:00 September 20th, 2019|