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July 24th, 2014 | By trader | Published in LUNCH IS FOR WIMPS | Comments on this postNo Comments »

The last time corn futures went up, the U.S., Mexico and Uruguay were still in the World Cup but surprisingly they did so again last week for the first time in 10 sessions taking the December corn contract 0.9 % higher to $3.88 which was 1/4 a bushel – bouncing from a fresh new contract low of $3.80 1/4 a bushel respectively.

The old crop September contract, which will move past in the next session as the spot lot after this week’s expiration of the July lot closing up 0.9 % at $3,81 1/2 a bushel.

Below the $3.50 bushel

The downbeat commentaries on soybean and corn prices following Friday’s upgrades by the U.S. Department of Agriculture estimated that for the domestic and world stocks were at a close of the two-year span maybe than in itself prove as a contrary indicator.

There are plenty of talks regarding corn yields moving above the 170 bushels an acre as weather throughout the U.S. are simply too good of a sunshine with very little geographic area indicating any problems. With the extra slight negative, U.S. corn exports last week came in at 926,329 tons which was not particularly bad but was still below the average 1.26 million tons it garnered last week.

The extra length that appeared to be a negative indicator was perhaps reflective of spread betting between corn and soybean futures.

Dismay caused by fusarium

It was noted that Chicago soft red winter wheat for September jumped 2.2 % to $5.37 3/4 a bushel, far bested Kansas City red winter wheat for the same month in which hedge funds will still have a net long position which closed up 1.6 % at $6.46 1/4 a bushel respectively.

U.S. wheat exports last week were frail with 377,520 tons down from 470,372 tons the prior week. With the weather not proving so good for grains as for corn and the continued damp conditions resulted in the introduction for the dread fusarium which is a fungal disease affecting the crops became a real threat in the course of the season.

Wet weather conditions substantially affected the harvest in eastern colourado and Nebraska which circumstance is also plaguing harvest in the European Union with the same spoiled quality emerging.

As with European prices

Heightened Ukraine tensions which transpired earlier this year contributed to the rally in wheat prices which was further precipitated by the recent U.S. drought.

Still, nearer to Ukraine and in Paris, milling wheat failed to shine closing down 1.0 % at E178.75 which was still a ton for November delivery which was the weakest close for a spot contract in more than three years.

London wheat for November ended down 0.8 % at a four-year low of £129.70 a ton and with these closes occurring before the best of the rally in Chicago wheat futures which would be indicative of the possible trade in the coming weeks.

Weighing heftily

Oilseed markets had the negative to negotiate of a tumble in palm oil futures which closed 2.0 % at 2,298 ringgit a ton in Malaysia which was the lowest close since last year correspondingly. A little support did came from news of an Argentine truckers’ strike last earlier this month for an indefinite period due to the disruption in shipments from the said geography.

Moreover, U.S. exports were rather decent at 115,280 tons from 92,698 tons the week prior and it was also noted that the hedge funds have already been sold down a stacks of soybeans and options almost turning, curiously, net short in the oilseed.

Roasters more interested in purchases

Among soft commodities, cocoa decline 0.2 % to $3,083 a ton in New York for the September delivery which was undermined by data revealing a 9.9 % drop in Malaysia’s grind in the second quarter.

That being said, an unveiling of the U.S. confectionery acquisition, claimed double-digit organic expansion in chocolates sales in North America raised the optimism for a new upbeat industry from the said region later this week. This being evidenced by Arabica coffee which closed 1.8 % at 164 cents a pound despite bargain hunting, with not much news around to settle on the extent of the drought-hit Brazilian harvest.

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