Sep 22, 2017 03:21 PM
So why are the futures so sluggish? First of all, it is planting season in Brazil, and a futures rally in Chicago soybeans definitely encourages corn to soybean acreage shifts. Some interior Brazil corn prices were below $2.60 per bushel last week, which makes the shift attractive. The other item we note is that this is all catch up business. Chinese commitments were still only 84% of last year on September 14, which includes Thursday’s numbers but not the daily announcements this week.