Market Commentary 22 Nov 2024
Wheat Commentary
US wheat futures declined on Friday November 22 as US planting progress and crop conditions continued to improve.
Corn Commentary
US corn futures moved down by less than 1% on Friday November 22, with the market weighing good global demand against harvest pressure and projected record production.
Soybean Commentary
Soybean futures went up on the Chicago Mercantile Exchange on Friday November 22, supported by increases in crude oil and soymeal, along with new US flash sales. A persistent drop in soyoil and a higher US dollar limited gains.
Vegoils Commentary
Vegoils futures and cash prices continued to drop across all markets and regions on Friday November 22 amid profit-taking and weaker fundamentals, Fastmarkets heard.
Market Commentary 21 Nov 2024
Wheat Commentary
US wheat futures fell on Thursday November 21 on tactical selling following three consecutive days of support, with declines limited by Black Sea headlines this week.
Corn Commentary
US corn futures trended lower on Thursday November 21, with losses limited by tender activity and higher weekly sales and exports reported by the USDA.
Soybean Commentary
Soybean futures went down on the Chicago Mercantile Exchange on Thursday November 21, in part pressured by a sharp decline in soyoil and by a stronger US dollar, offsetting a supportive effect of US net sales.
Vegoils Commentary
A correction has been issued for this report.
Market Commentary 20 Nov 2024
Wheat Commentary
US wheat futures were supported on Wednesday November 20 for a third consecutive day despite initial softness observed in early trading.
Corn Commentary
US corn futures moved higher on Wednesday November 20, on tactical buying following weakness in the market the previous day, as the harvest was reported as complete.
Soybean Commentary
With much of Brazil out on a national holiday, activity across the soybean market was quieter as markets reached midweek, but the complex continued to be shaken by geopolitical headlines amid fears of further escalations in the Black Sea.
Vegoils Commentary
Crude palm oil (CPO) futures active month contract fell to an 11-day low while the wave of profit-taking stretched throughout the day.
Market Commentary 19 Nov 2024
Wheat Commentary
US wheat futures remained supported on Tuesday November 19, following double-digit strength observed on Monday, which was fueled by bearish Black Sea headlines.
Corn Commentary
US corn futures trended lower on Tuesday November 19, with the US corn harvest now complete, as reported by the USDA late on Monday November 18.
Soybean Commentary
Soybean futures went down on the Chicago Mercantile Exchange on Tuesday November 19, driven by the progress of planting and weather conditions in Brazil and amid a drop in soyoil, which continued to put downward pressure on prices.
Vegoils Commentary
Asian vegoils futures mostly rose on Tuesday November 19 despite somewhat bearish prospects for crude palm oil (CPO) fundamentals, while in Chicago, soyoil futures dropped further.
Market Commentary 18 Nov 2024
Wheat Commentary
Global wheat futures rose on Monday November 18 after the Biden administration announced it had allowed Ukraine to carry out long-range strikes inside Russia using American-provided missiles.
Corn Commentary
US corn futures trended higher on Monday November 18 driven by double-digit spillover strength from the wheat market.
Soybean Commentary
Soybean futures went slightly up on the Chicago Mercantile Exchange on Monday November 18, supported by strong crude oil gains, US flash sales and a lower US dollar, but with gains limited by favorable weather in Brazil and weaker soyoil prices.
Vegoils Commentary
Chinese vegoil futures and Malaysian crude palm oil (CPO) plummeted on Monday November 18, while soyoil futures on the Chicago Mercantile Exchange fell less steeply, backed by a spike in crude oil prices.
Market Commentary 15 Nov 2024
Wheat Commentary
Global wheat futures trended higher on Friday November 15 on widespread support across commodities on end of week positioning, while the US dollar took a break from its recent climb higher.
Corn Commentary
US corn futures trended higher on Friday November 15 on profit-taking following four consecutive days of declines and on support from global tender buying.
Soybean Commentary
Soybean futures regained support on the Chicago Mercantile Exchange on Friday November 15, following data released by the National Oilseed Processors Association (NOPA) that revealed soybean crush volumes surged to an all-time high of 199.96 million bushels in October.
Vegoils Commentary
Crude palm oil (CPO) futures in Malaysia broke a three-day losing streak on Friday November 15, rising on increases in Chinese palm futures and tight supply.
Market Commentary 14 Nov 2024
Wheat Commentary
US wheat futures remained under pressure on Thursday November 14 on a strong US dollar and beneficial rains that fell over the central and southern US Plains that helped improved crop conditions.
Corn Commentary
US corn futures trended lower on Thursday November 14 amid a rising US dollar and improved drought conditions in main growing areas.
Soybean Commentary
Soybean futures plunged for the fourth consecutive session on the Chicago Mercantile Exchange on Thursday November 14, driven by lower prices for soy products and crude oil, and still reflecting uncertainty over the impact of a new Donald Trump administration on soybean and energy markets.
Vegoils Commentary
Vegoils commentary: CPO futures slide for fourth consecutive session; soyoil prices continue to fall
Crude palm oil (CPO) futures in Malaysia slid for the fourth consecutive day on Thursday November 14, in tandem with declines in Chinese vegoil futures and softer crude oil prices.