Corn guided soybeans & wheat lower as trade deal exhaustion triggered sell-stops that led to sharp losses.
After stalling on Tuesday as traders awaited the signing of the Phase One trade deal, corn turned lower & beans sold off sharply on Wednesday as traders "sold the fact" & remained skeptical of the deal. Wheat continued to rally at mid-week on hopes for improved exports .
Corn rallied, but soybeans & wheat futures were lower on Monday as traders lightened up on short positions in corn & soymeal & their long positions in beans, wheat & soyoil ahead of Wednesday's Phase One trade deal signing. Today's report also includes detailed analysis of Friday's USDA reports.
Grains reversed early post-report losses to close higher on Friday as potential Chinese demand offset bearish USDA production & usage data.
Corn & wehat were modestly lower & beans slightly weaker ahead of USDA battery of reports on Friday morning as poor weekly export sales set a negative tone going into the data.
Grains rebounded from overnight losses to close steady/higher as tensions with Iran subsidied & Egypt bought higher-priced wheat.
Grains settled barely changed on Tuesday as traders positioned for Friday's USDA reports.
Wheat leads corn lower on Monday, but beans edge higher following Friday's rout.
Grains closed sharply lower in risk-off trading on Friday, pummeled by sluggish export & domestic crush data & worries that heightened tensions with Iran would spill over to impact Chinese demand.
Beans & wheat ended with modest, top-range gains, but corn edged fractionally lower in quiet year-end trading.