Soybeans Fall as Traders Watch for Harvest News -- Daily Grain Highlights
By Kirk Maltais
--Soybeans for November delivery fell 0.9%, to $12.84 a bushel,
on the Chicago Board of Trade on Friday, generally unmoved by
farmers beginning to harvest soybeans and China heading into a
--Wheat for December delivery fell 0.6%, to $7.08 3/4 a
--Corn for December delivery fell 0.4%, to $5.27 1/4 a
Playing it Safe: Traders were tentative today, keeping an eye on
farmers harvesting their crops. "The trade focus for the next few
weeks will be on combine results as the trade tries to figure out
if the U.S. yield is as good as the USDA has been indicating," said
Tomm Pfitzenmaier of Summit Commodity Brokerage. According to the
USDA's most recent crop progress report, 4% of the U.S. corn crop
has been harvested so far.
On Holiday: China's Mid-Autumn Festival, which takes place on
Tuesday, has China entering a long weekend--meaning that export
purchasing activity has halted until the festival concludes, said
Charlie Sernatinger of ED&F Man Capital. "Add in a little
harvest hedging, and you get a down day," he said. News coming from
US farmers harvesting their fields is also not currently moving
soybean futures. "Early bean yields are starting to trickle in, and
no one seems to be impressed or depressed," said Mr.
Sales Streak: For the second consecutive day, the USDA has
confirmed a flash sale of U.S. soybean exports to China--with
132,000 metric tons sold for delivery in the 2021/22 marketing
year. 132,000 tons were sold to China yesterday as well. However,
the new streak of export sales to China didn't appear to boost CBOT
soybean futures today. "While I am certainly not complaining about
the activity, but these sales have become pretty routine, and dare
I say, there would be more disappointment if they did not show up,
than excitement when they do," said Dan Hueber of the Hueber
Choppy Seas: Wheat futures trading on the CBOT are expected to
be volatile in the coming days--with traders trying to figure out
what world supply will look like amid various projections. "The
market is still adjusting for lower Russian production and poor
quality wheat in Europe, but the big crop in Australia may offset
some of the bullishness from disappointing northern hemisphere
crops," said Doug Bergman of RCM Alternatives.
--The USDA will release its weekly export inspections report at
11 a.m. ET Monday.
--The USDA will release its weekly crop progress report at 4
p.m. ET Monday.
--General Mills Inc. will release its fiscal first quarter
earnings before the stock market opens on Wednesday.
Write to Kirk Maltais at firstname.lastname@example.org
(END) Dow Jones Newswires
September 17, 2021 15:11 ET (19:11 GMT)
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