Grains rally after USDA released its Oct. Crop Production & supply-demand reports, but then pare those gains back near pre-report levels by Friday's close as harvest pressure takes a toll.
Grains are higher, but well below their earlly session peak as harvest sales are offsetting speculative buying.
Grains are surging higher on Tuesday as buy-stops above last week's highs were triggered & speculative money continues to flow into commodities.
Corn & soybeans were lower on harvest pressure & weaker energy markets, but wheat reversed to gains on export hopes on Friday.
Grain prices surge higher after USDA reports Sept. 1 stockpiles sharply below expectations for corn & soybeans & also lowers 2020/21 US wheat production.
Grains are under modest renewed pressure on Tuesday as traders retest Monday's lows on prospects for active harvest thru in early October. Positioining for Wednesday's quarterly grains stocks & final wheat production report are limiting losses.
Corn & beans remain under harvest pressure despite solid weekly export sales, but wheat is trading mixed as traders challenge chart support.
Corn & soybean surrendered their early session gains to close slightly lower as harvest pressure weighed on prices, but wheat clung to modest gains as dry weather in key production regions offered support.
Grains followed most other asset classes lower on Monday, hampered by COVID-19 demand worries & profit-taking after the recent rallies.
Grains are again solidly higher just ahead of the weekend as speculative buying supports prices.