23 Nov 2024
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So, this was the week of the WASDE – normally the most exciting week of the month during the winter period. Corn had a somewhat bullish WASDE report but only somewhat with prices only moving up by USD 2 or 3 m/t on the week. Soybeans and soymeal got hit hard by the WASDE with larger year end stocks in the US and higher expected yields in Brazil and ended the week with losses of about USD 12 m/t for soybeans and close to USD 20 m/t for soymeal. Wheat prices too were lower on the week with most saying that wheat was lower only because it had rallied too much or that it dropped only in reactions to everything else dropping – sometimes it is only emotion with little or no actual reasoning or just sell stops on major traders’ computers.........please click PDF to see more details
