CBOT weekly outlook: Harvest pressure seen easing

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Published: October 26, 2016

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(Lisa Guenther photo)

CNS Canada — Soybean and corn futures at the Chicago Board of Trade moved higher during the week ended Wednesday, with soybeans leading to the upside on the back of solid export demand and a rally in world vegetable oil markets.

The front-month contract moved well above the psychological $10 per bushel mark, which may bring in some farmer selling (all figures US$).

Wayne Palmer of Agri-Trend Marketing noted the $10 mark had proved hard to break above in the past, but said the momentum may finally be there to keep above that level.

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Large U.S. soybean crop projections remain a bearish influence, but the seasonal harvest pressure should be easing off.

“Once you’re past the halfway point of the harvest, the pressure starts to subside,” said Mike Jubinville of ProFarmer Canada.

Sentiment has shifted from focusing on abundant supplies and big crops, to the impressive demand, he added. That demand has shown itself in solid U.S. export sales, especially to China.

The gains in corn were much more subdued than those seen in soybeans, with the corn market looking more rangebound from a chart standpoint.

The December corn contract finds itself stuck in a range from about $3.40 to $3.60 per bushel.

About the author

Phil Franz-Warkentin

Phil Franz-Warkentin

Editor - Daily News

Phil Franz-Warkentin grew up on an acreage in southern Manitoba and has reported on agriculture for over 20 years. Based in Winnipeg, his writing has appeared in publications across Canada and internationally. Phil is a trusted voice on the Prairie radio waves providing daily futures market updates. In his spare time, Phil enjoys playing music and making art.

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