Soybean prices rebound on weather model shift Grain values chopped overnight, trading two-sided ranges, with soybeans traversing a $0.22 trading range as overnight rallies from reduced rain in the Argentine weather model allowed soybeans to get within two cents of Sunday night’s high. The US dollar weakened overnight after the sharp rally experienced since last…
USDA Report 2/8/23 Argentine corn and soybeans were slightly friendly to USDA data while US soybean carryout grew more than expected due to a 15 mil bushel cut in crush.
USDA WASDE report out at 11:00 today. Grain futures reacted higher last night, with Kansas City wheat besting the December 30 high by a penny before retreating on news that Russia is complaining that the Ukraine Grain Corridor is not working properly. By that, Russian Deputy Foreign Minister Alexander Grushko explained that too much grain…
Stats Canada data out, USDA tomorrow. Mixed grain markets this morning, with soybeans trying to recover some of Monday’s losses. Stats Canada was out with their yearend grain stock totals this morning, and all-wheat stocks came in at 22.294 MMTs (estimates were at 22.3 MMT). Canola stocks were pegged at 11.356 MMT (estimates 11.70 MMT….
Grains start softer to end of the week. It’s a mixed morning for grain futures, with soybeans softer on the Chinese tensions after the downing of a Chinese weather (spy) balloon, which does not help that the political relationship between the two is straining over the Taiwan issue. China has been known in the past…
Grains start softer to end of the week. A Chinese high altitude spy balloon was caught passing through airspace over Montana yesterday. This doesn’t help the US/China relationship that has already been deteriorating and can also affect grain trade going forward. Grain futures did fall on the news of the balloon but have since bounced…
The Fed stayed soft on inflation Grain prices firmed overnight with soybeans quickly recovering the bulk of yesterday’s losses as index funds quickly moved in support their soybean meal position and buy commodities in general with the new low for the year on the US dollar. Friday’s jobs report is anticipating another 180,000+ job growth…
The first trading day of the month starts grains out soft. Grain futures are softer to start the month, as moisture is starting to fall in Argentina, as forecasted into tomorrow before a drier stretch occurs. The trade is waiting on a decision on the Egypt wheat tender today, which will be financed to the…
Cattle Inventory Total US Cattle Inventory: 97% vs 97.1% estimate Total Calf Crop: 97% vs 97.4% estimate Report came in neutral to expectations.
Turn-around Tuesday hits overnight. Grain futures sagged overnight as Turnaround-Tuesday kicked in after the night session got underway. Monday’s strength in beans was met with Argentine premiums declining, with soybeans out of Brazil now bid $0.50-.55 under March, which is $0.70-.75 cheaper than US Gulf soybeans offered at $1.15 over. Brazil’s 48% March soybean meal…
