resumed their downward trajectory, as there continue to be very few weather
worries for the South American crop.
"Heavy rains across Entre Rios in Argentina and Rio Grande do
Sul in Brazil this past week increased wetness concerns a bit for corn and
soybeans, but limited showers there through next week should allow wetness to
ease," said Mr Keeney.
"Showers are still on tap to build across central and northwestern
Brazil which will improve moisture a bit for safrinha corn but will slow soybean
harvesting and safrinha corn planting a bit," he said. "No major issues are
"Limited showers across most of Argentina will favour corn and
soybeans as the crops reach maturity," Mr Keeney said.
"The soybean complex continues to reject rallies, but it
continues to be squeezed into a narrow range," said Darrell Holaday, at country
"The lack weather concerns is the primary factor that keeps
the soybeans and corn markets on the defensive and has really minimized rallies
this week," Mr Holaday said.
May soybean futures finished down 0.1%, at 10.00 ¼ a bushel.
Corn markets were
similarly moribund for most of the session, but uncovered a rash of late
buying, which allowed the front-month contract to finish above the 100-day
May corn futures finished up 0.5%, at $4.67 ½ a bushel.
US Plains dryness
still a concern
The long-term weather outlook in the US Plains is staying a touch
too dry, threatening wheat in that region.
"Continued drier weather in the central and southern Plains
will maintain significant dryness, and moisture will decline in the Pacific
Northwest as well," said Don Keeney, at MDA Weather Services.
"Moisture will also decline in the northern Plains and
eastern Prairies," Mr Keeney said.
This is supporting hard red winter wheat prices in Kansas
May Kansas City wheat futures finished up 0.8%, at $4.53 ¾ a
May Chicago wheat futures finished up 0.1% on the day, after
failing to break the 100-day moving average, at $4.36 ½ a bushel.
Cotton futures edge
China saw another disappointed uptake at its latest cotton auction, with some 67% of product
"Flagging Chinese mill demand for state cotton remains
another point of interest for the market," said Tobin Gorey, at Commonwealth
Bank of Australia.
But it is as yet unclear if that lack of interest indicates
slow demand, or the fact that Chinese stocks are of low quality, and therefore
less attractive than imports.
May cotton futures finished up 0.2%, at 78.36 cents a
Sugar shoots down,
before bargain buyers step in
Raw sugar saw a roller-coaster
session, first plummeting through a band of heavy support around the 18 cent
mark, which drove frantic selling.
At one point May sugar futures reached a low of 17.50 cents
a pound, down 4.1% on the day at a nine-week low.
But the market trimmed losses, as a surge of bargain buying
sent prices bouncing back.
"It seems in the short term it seems we have a dichotomy,"
said Tom Kujawa, at Sucden Futures.
Mr Kujawa saw fundamental traders trying to push the market higher, while the
"paranoia/black box/spec driven" trade tried to push lower.
After all the sound a fury, May raw sugar futures settled
right back in their range for the week, down 0.4%, at 18.17 cents a pound.