Tidbits, Market Rally, Tariffs, Phosphates, Eggs & Layers, Broilers & Ethanol 8/27/26
- Wright team
- 19 minutes ago
- 4 min read
Market Comment
There was no new news yesterday that justified such strong action. It felt like the buying was more of a ground-swell of bullish news that had not been fully priced into these markets for the past two years. Eduardo Vanin is a soybean export trader with AgrInvest Commodities said:
“Seems market realized Brazil will not have enough beans to cover China and Brazil's local industry. Soybean meal up ~2.5% today. Market in China turned to (government) auctions, Argentina, and Uruguay as alternatives, but they will not be enough.”
About 10:00 AM yesterday is when November soybean futures price moved solidly above $12.42 but were still well below the contract high of $12.56½ made on 24 July. Just before noon, the contract moved above $12.50 and tested the contract high within 30 minutes and then blew through the contract high and went to $12.70 in the last 15 minutes and settled at $12.66, up 28¼¢.
The wheat and corn markets realized that Ukraine’s plan to open a grain export corridor was not going to see the light of day and the front two months of soft red winter wheat moved up the daily limit of 45¢. The hard wheat settled 25 to 38¢ higher.
December corn was 13¢ higher on the close and settled 2¼¢ below the high for the day. Strong technical settlements on all three commodities. There will be a modest correction on the opening and then we will see what these markets are made of this afternoon and Friday.
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