Row crop pricing corrects with wheat much weaker. Row crop futures were firmer most of the evening but turned lower by morning, dragged lower by the continual weakening wheat market. Malaysian Palm oil moved to new contract highs overnight, up 122 ringgits at 5036 RM/MT, which is a new contract high. This is supporting bean…
Spec trade: Place a GTC order to exit long March Bean oil at 59.40. Trendline resistance is 59.52
Turn-around Tuesday is underway. This morning, grain futures are firmer across the board as row crop futures are firmer on the continued degrading South American soybean and corn crops. Yesterday, StoneX reduced the Brazilian soybean crop by 11 MMT’s from the December crop report, but other commercial crop estimates are even lower. Some estimates suggest…
Renewed concerns for SA production. Grain futures moved higher to sharply higher overnight, adding premium back to row crops from the continued threatening South American weather pattern. Last week’s rains were considered more of a sporadic event during a drought with continued dry weather to plague southern Brazil and Argentina and rising temperatures. A few…
It’s the last trading day of the year. Grain futures are mixed this morning, with stability noted after yesterday’s large declines. It is the year’s last trading day, with volume likely receding quickly after mid-morning. Grains do close at regular time and reopen Sunday night with full-day trading on Monday. Argentina has reported that his…
Spec trade: Take profits on 2 long Feb Micro-Gold at 1833 GTC. $800 gain if filled. Major resistance at 1836-1839.
Spec Trade: Buy March Bean Oil at the MKT, 55.94 last with a 54.98 stop.
Soybeans lead overnight sell-off. Grain futures worked lower overnight, led by the soybeans, as rain moved southward into northern MGDS/Sao Paula/N Parana overnight, bringing rains of 1-2”. The heavier rains were more of a localized event. This weekend, there is still the potential of rains in these same areas. Otherwise, there is no change in…
