Traders expect no global changes in the upcoming USDA report — Agritel
Traders are in the expectation of the USDA monthly report tonight, but few changes are anticipated, Agritel writes.
Yesterday, Mar. 9, funds were net sellers in 8 500 lots of corn and 16 000 lots of soybean. They were net buyers in 6 000 lots of wheat, the consultancy adds.
"The wheat market was resilient after the test of technical supports and the underpinning of a weaker USD," the report reads.
Wheat and corn export inspections in the US amounted to respectively 415 548 t and 829 865 t, at the bottom of traders’ expectations.
As a reminder, the FAO Cereal Price Index averaged 167.8 points in February, down 1.5 points (0.9%) from January. International prices of all major cereals, except rice, fell in February.