The grains and oilseed complex finished in positive territory for the most part, with Wheat finishing up 15, Soybeans up 17 and Corn finishing down just 1½.
China, released information regarding their imports of 524,156mt of wheat, and January thru September imports at a 7 year high overnight. Our continued unfavourable weather here, and too much rain in Argentina which is expected to result in yield/quality cuts in the next USDA report, along with confirmation that the Ukraine are banning exports as of the 15th of November all gave the wheat market a bullish tilt which saw the contract almost breakthrough the 900 cent barrier again, before settling into the finish.
Soybeans found support with economic data out of China better than expected, and a weather system in South America expected to delay planting pace for atleast the next 7-10 days. The corn market was supported by the Wheat and Soybean complexes and the discount of South American origin over US origin Corn narrowing on tight supply, and increased demand particularly in Europe. Bearish pressure on Ethanol/Crude Oil forced the Corn contract back into negative territory on the close.
The December Cotton contract is continuing downwards losing another 160 points, following the squeeze last week, which saw the price rally over 8 cents in just a couple of sessions. I would think that this may well be just position squaring and profit taking after the first squeeze. Expect to see more fireworks as December heads into first notice day, and the amount of tenderable cotton bales delivered to the Board are dwarfed by the contracts open interest.
Harvest is getting well underway in most of Southern QLD & Northern NSW, with the exception of the Liverpool Plains which is still a few weeks away.