Exports: South Korea cancels 55,000t tender, px’s ‘too high’.
Comments: So.Korea just playing the odds looking for follow through on yesterday’s break to justify ‘too low bids’; ethanol wall in jeopardy? It’s a big deal that needs attention and explains better than delayed harvest the ‘abrupt’ turnaround in Dec. just under $4.50 and today’s new swing lows. The EPA behind it? Talk about an odd couple between them and politicians? Open interest rose 7,600 amid light volume as funds ‘re-defend’ shorts? I shouldn’t be all that surprised by the corn ethanol deal as per the budget but Washington had us believe it was written in stone hell or high water. Not sure what to do in here.
Exports: None Visible.
Comments: Nothing visible lately but Asia said still booking beans/meal and corn, maybe some backed up paperwork when the USDA gets back from its forced vacation? Open interest rose 6,900 even as November fell 6,955 amid good volume……getting ‘new’ short selling a new wrinkle here and suggests why prices kept failing over $13.00 yesterday…that and the ethanol mandate? Need time to re-think latest developments.
Exports: Japan buys 102,892t from the usual suspects; Japan in 57,000 food wheat and 38,000t food barley (beer?).
Comments: Perhaps like European futures we’ll go into a consolidation but two items of new pressure possibly: 1) India to lower floor on wheat export prices and 2) Egypt cancels tender citing prices ‘too high’ and just maybe a 3)….less corn used in ethanol the more corn available (at cheaper prices) for feed vs. feed wheat.