Grains react to shifting weather models. Grain futures are sharply higher this morning as the weather forecasts longer-term again continue to vacillate. In the Tuesday/Wednesday commentaries, we alluded to this that long-term weather models are typically prone to many revisions until they become more laser focused once they’re deeper inside the 6-10 day window. Weather…
Grains continue their price collapse overnight Grain futures are again sharply lower this morning as yesterday’s poor technical closes and lack of any concerning data audit of the crop progress and condition reports led to follow-through selling in the overnight. Prospects for rains to arrive in the dry Midwest area by June 12-15 continue to…
Grains starting off lower after the 3-day weekend. The futures market is having a tough time getting out of this bearish tone its been putting off. Technical selling and Russian based news seem to keep prices in check after a small rally. The market is telling us that as we seed into this dry May…
Weather dominates ahead of 3-day weekend. This morning’s grain trade is firm to sharply higher, as the forecast remains dry into June 10. The Midwest/Delta area lacks meaningful rain chances through June 7, adding market premium ahead of the three-day weekend. Also, Russian spring wheat weather forecasts remain dry as well, with no extreme heat…
The grain trade is mostly weaker this morning. This morning’s grain trade is weaker, with wheat leading the decline as the US dollar pushes above 104.00. Speak McCarthy has indicated talks with the Biden administration regarding the debt ceiling are progressing, and he’s confident they will find an agreement. This means some form of fiscal…
Wheat is softer this morning, while row crops are near steady Corn and soybean futures are mixed this morning after a weak overnight run, while wheat prices retreated from their two-day bounce, following French milling wheat back lower today as it gave up well over half of the gains experienced on Tuesday. Goldman Sachs has…
Turn-around Tuesday try to get started in the night session. Grain futures had a rough-and-tumble night, starting higher to break substantially in the night session and then recovering to new highs in corn and wheat for the week. The selloff was due to the significant progress throughout the Midwest, with corn planting at 81%, soybeans…
Row crop prices start the week on the rebound. Grain futures this morning have corn and soybeans on the rebound as the EPA has dropped eRINS from the Biden administration proposal, which is due to be announced by June 14. The eRINS, which are credits for electric vehicles, would’ve produced a surplus of RINS, diminishing…
Cattle On Feed 5/19/23 On Feed: 97% vs 96.5% estimatePlaced: 96% vs 96.3% estimateMarketed: 90% vs 90.3% estimate The report is slightly negative based on today’s close.
