It’s beginning to look a lot like Christmas. It’s all about positioning ahead of the break now. The trade continue to square up ahead of next week.
Unimpressed with regular Chinese purchases of soybean, futures at Chicago pushed lower. Fundamentally one might expect such news and then the subsequent purchases to push markets higher. Private exporters reported another sale of 1.2mt of soybeans to China last night. Brazil is having a few drought related issues and adjusted soybean production lower.
Well I guess we just have to wait until that suits the paper market then. Could it be the movement of money, with US rates expected to rise after a US Fed jump yesterday is there simply greener pickings elsewhere.
US wheat futures succumb to positioning, technical trade, and closed lower for all three grades.

From an international perspective there is little happening apart from the above mentioned US / China soybean deals and Japans regular wheat purchase. Weather is generally OK in most major producers but the world does continue to wait for final production numbers for Australia and Argentina. There is also some speculation on the Romanian wheat crop size after a dry sowing saw less than ideal establishment. Feed cereal (not corn) prices are close to the top of the yearly range across the Black Sea region signalling wheat / barley spreads out of WA should remain fairly narrow going forward.