The grain trade is on retreat into the weekend. Wheat futures are mixed while row crops retreat, heading into a weather weekend after strong weekly gains. Forecast models have low confidence in the 11-15 day period, as the GFS model wants to produce a tropical storm system for the and E US next week in…
The CBOT turns mixed overnight. A mixed grain trade this morning, with row crops trading on either side of unchanged while wheat futures drifted. The US Spring Wheat Quality Tour reported high yield potential in NW and NC North Dakota, where yield averaged 53.7 BPA, compared to 45.7 BPA last year. The wheat crop looked…
Grain trades relaxes while heat and dryness is still on the way. Grains are softer this morning, with soybeans leading the weakness after gaining $0.50 in two sessions. Central US weather forecasts are working to decipher the upcoming heat and dryness duration across the Plains and W Midwest. Remember that recent US weather finishes have…
Row crops lead overnight strength, wheat softens. A light turnaround Tuesday tried to develop in the overnight trade, as wheat futures sagged while French milling wheat corrected recent sharp strength. Low test weights that are not reaching milling standards have likely helped forge a bottom in the French milling wheat contract and likely US wheat…
The overnight grain trade opened and remained firm. This morning’s grain trade is mostly higher, with soybeans leading the advance with Pres. Biden is backing out of the presidential race, and the prospects of a different Pres/VP pick in the Chicago convention in August open up a new element. Traders are wondering if China may…
Cattle On Feed On Feed: 101% vs 101.1% estimatePlaced: 93% vs 97.2% estimateMarketed: 91% vs 91.7% estimate Report is friendly feeder cattle and slightly negative to front live cattle to pre-report estimates. Marketing was the second lowest for June since the series began in 1996.
French Milling Wheat surges $5.50/MT overnight. This morning’s grain trade is higher again, led by wheat. French and German wheat quality concerns helped push French milling wheat higher by $5.50/metric ton. There are widespread reports that recently harvested French and German wheat is not meeting milling specifications. The EU farmers are enduring sharp cash price…
Spring wheat leads overnight grain strength, soybeans soft. Grain futures are mixed this morning, with the wheat trade firmer. Spring wheat held the best gains yesterday/overnight on drying in the Canadian prairies. Soybean prices pushed lower overnight as VP nominee JD Vance, at the Milwaukee convention, chastised the Biden Administration for supporting permanent normal trade…
The grain trade finds further buying since Monday’s heavy selling. Grain futures are finding continuing strength this morning after Monday’s washout. The US dollar has slid well below 104.00 (currently 103.43), breaking weekly continuation support, causing the massive short position to think about the prospects that exports could be improving. The recent excessive price slide…
Turn-around Tuesday tries to get underway overnight. The grain trade is mixed this morning as Turnaround-Tuesday began from the opening. Crop ratings remained unchanged rather than higher, as the market had expected. The yield potential for the Midwest did brighten because of Hurricane Beryl last week, but the duration of coming dryness across the Plains…