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GRAIN HIGHLIGHTS: Top Stories of the Day

09/14/2020 | 05:19pm



Wheat Follows Russian Prices Higher

Wheat for December delivery rose 0.7% to $5.45 3/4 a bushel on the Chicago Board of Trade Monday, rising as demand for Russian wheat from importers like Turkey grows.

Wheat futures trading on the CBOT led grains higher at the close of the day propelled by higher prices for Russian wheat. "As long as Russian wheat prices continue to rally, Chicago will follow in the same general direction," said Charlie Sernatinger of ED&F Man Capital. For Russian wheat, strong demand from buyers like Turkey pushed prices over $220 per metric ton.


Corn Futures Higher as Chinese Prices Are Poised to Rise -- Market Talk

14:32 - Corn futures trading on the CBOT are climbing slightly, bringing them to their highest level since mid-March. Helping prices rise today is the expectation that Chinese weather issues will continue to inflate corn prices on Chinese exchanges. "The market is in a short-term overbought condition but the trend remains up, and the turn up in open interest suggests that fund traders are building a net long position," says RJO Futures. "Traders suspect lower China production and higher usage for future USDA reports." (kirk.maltais@wsj.com, @kirkmaltais)




Grain Export Inspections Slightly Off From Previous Week -- Market Talk

11:18 ET - Grain export inspections are down slightly from the previous week, but are still comparable to the rolling average, according to data from the USDA. Inspections of corn totaled 34.6 million bushels for the week ending Sept. 10, while soybeans totaled 47.2 million bushels and wheat totaled 23.4 million bushels. All three of these figures are on the high-end of trader estimates, according to StoneX, making this week's report a bullish confirmation that US export strength is high. Soybean futures are trading 0.5% higher to over $10 per bushel on the CBOT this morning, while wheat is up 0.5% and corn is up 0.1%. (kirk.maltais@wsj.com; @kirkmaltais)


Ethanol Inventories Expected to Drop Again -- Market Talk

12:42 ET - US ethanol inventories are expected to drop again this week when the EIA releases its weekly report Wednesday, Futures International says. The brokerage forecasts ethanol inventories will drop by another 75,000 to 150,000 barrels, which would bring the total to roughly around 19.8M-19.9M barrels--close to a multiyear low found in early August. Meanwhile, ethanol production is expected to rise by 7,000 barrels a day, according to Futures International. Corn futures trading on the CBOT are trading 0.1% lower. (kirk.maltais@wsj.com; @kirkmaltais)




Hog Futures Slip After Rising For Most of September -- Market Talk

15:25 ET - After rising 25.8% since Sept. 1, CME lean hog futures today sold off some of their gains--with the December contract dropping 3.7% to 63.575 cents per pound. For the hog contract, traders believe that they've already hit short-term highs on the strength of news that African swine fever has been found in Germany--which spurred South Korea and China to stop accepting their imports. "December hogs have already priced in a very strong export pace for the fourth quarter and the Germany news just adds to the other short-term positive fundamental forces," said RJO Futures. Live cattle futures finished Monday up 1.3% at $1.06875 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

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