After new contract highs, grain futures tumble on EPA rumors. Grain futures had seen wheat score new contract highs above 850 on the winter wheat contracts, corn rechallenged early week highs along with soybeans challenging yesterday’s highs just to see sharp reversals lower after 9:30 AM. Rumors are circulating after the start of the day…
A new string of contract highs to start Thursday morning. Fresh new contract highs overnight for French milling wheat, US winter wheat and oats futures. Preliminary open interest shows the influx of new funds continues to morph. Corn open interest yesterday rose 12,695 contracts, soybeans up 13,190, while wheat was up 2,868. Soybean meal was…
Soybeans have recovered over $0.80 since last Tuesday’s harvest low. Grain futures are bouncing from their Turn-around Tuesday setback corrections, with Malaysian palm oil heading back to prior highs, prompting bean oil to have another strong recovery day. This, despite canola drifting overnight after having become extended to the upside compared to its vegoil counterparts….
Turn-around Tuesday gets underway in the night session. Grain futures are mostly lower after a mixed opening night session. The video conference Monday evening between Pres. Biden and Xi did not go into any details of trade policy or supply chain issues. Instead, the conversation was on managing competition between the world’s two largest economies….
Mixed trade to start the week. Grain futures traded a mixed overnight session, with optimism towards today’s Summit between Pres. Biden and China’s Pres. Xi is being dialed back as the White House states that Ag trade with tariffs, trade war, and supply chain challenges are not on the agenda. Today’s schedule does have the…
Spec Trade: Buy March Chicago wheat at the MKT, 823 last with a 808 stop.
Mixed trade to start Friday. Grain futures initially pushed higher overnight but succumbed to selling in the early morning hours as French Milling wheat retreated from yesterday’s new all-time highs near $300/MT, as Russia raised its floating export tax to $77.10/MT that’s up $7.10 from the last hike in October. Some are thinking it would…