Currency issue triggers up cash trend to RMB11,500/ton….

So, this week was the week of the USDA WASDE report – looks like bearish, bearish and bearish as almost everything moved lower on the week: corn prices dropped by almost USD 8 m/t, Soybeans were lower by USD 12 m/t, soymeal was also down by USD 12 m/t, winter wheat was about USD 5 m.t lower while the only exception to lower prices was US spring wheat which managed to move about USD 1 m/t higher.......please click PDF to see more details.

Corn futures prices were up about USD 4 m/t on the week while soybean prices continued lower – dropping by almost USD 9 m/t – soymeal to was down by about USD 6 m/t. Winter wheat prices also slipped a little lower – down by about USD 2 m/t with spring wheat almost unchanged.......please click PDF to see more details

Corn prices moved a little lower on the week, only down by USD 2 or 3 m/t, but probably could have been lower except for the wet weather in parts of the corn belt and some delays to the corn planting. According to futures reports the commodity funds are very short corn – so they think that it is going lower. Expected very big crops in both Argentina and Brazil are putting a lot of downward pressure on corn prices.......please click PDF to see more details