Corn futures price rose marginally to $4.92 as speculative traders re-entered positions on rumors of an upcoming export deal with Japan. Market insiders caution that such deals often take time to finalize and impact prices. The soybean market bulls are worried about a bearish pennant pattern on the daily bar chart for November futures that formed last week. Soybean meal (ZMZ25) futures continue to be the weakest link in the soy complex futures. Meal will have to perform better for soybeans to have a chance to restart a price uptrend. In Ukraine, prices were stable throughout the week due to a lack of liquidity, and traders were mostly looking forward to the new crop trading. Corn futures price at $4.89 reflects muted risk appetite, as traders await clarity on China’s import policies. Political headlines have kept market volatility in check, though lingering supply chain bottlenecks remain a wildcard.
