From AgProfessional:
Ag markets were mostly lower after Tuesday's WASDE report
The WASDE report weighed on corn futures. Crop market traders seemed
to be liquidating long positions ahead of the late-morning release of
the monthly USDA Supply/Demand (WASDE) report, since futures declined
modestly at that time. That didn’t change in the wake of the report,
since a sizeable reduction in U.S. supplies was more than offset by a
big increase in the forecast global carryout. March corn slipped 0.25
cent to $3.91/bushel late Tuesday morning, while July skidded 0.75 to
$4.06.
The soy complex partially overcame early weakness around midsession
Tuesday. Talk of large South American production and weak crude and palm
oil markets apparently undercut the soybean and product markets Monday
night and Tuesday morning. The WASDE report supported beans and meal,
since bean usage was boosted and stocks were cut. Increased oil stocks
are weighing on that market. March soybean futures rallied 1.5 cents to
$9.80/bushel in post-report trading, while March soyoil fell 0.47 cents
to 31.54 cents/pound, while March meal rose $1.8 to $331.4/ton.
The wheat markets reacted poorly to the latest news. Supportive
demand news seemingly did little to support the wheat markets overnight,
which may have partially reflected an upward revision to Australian
production. Prices remained rather weak through the release of the WASDE
report, then moved even lower in response to comparatively high
estimates for both U.S. and global stockpiles. March CBOT wheat dipped
4.75 cents to $5.25/bushel in late-Tuesday morning action, while March
KC wheat sagged 5.5 to $5.58/bushel, and March MWE wheat dropped 2.75 to
$5.7325....MORE
More to come. Here are the
FinViz 5-minute charts:
