Soybean futures rise on new crop buying
Soybean futures rise on Chinese buying
Virginia McGathey provides a comprehensive look at the grain markets, starting with Soybean futures, which saw firmness due to increased Chinese buying for the new crop.
The November contract approached the $12 objective, supported by strong call option interest and a CVOL of 16.6%.
In the corn market, extreme heat in the Corn Belt left Corn futures largely steady, with the December contract ending unchanged despite a massive 574,000 open interest in call options.
Meanwhile, Wheat futures experienced a slight lift amid geopolitical tensions, but prices remained locked in a sideways channel.
Traders are now expected to actively adjust their positions ahead of the upcoming Wednesday USDA report.