Reduced rain in Brazil ignites new soybean interest. This morning, row crops are higher, led by soybeans, while wheat corrects its recent spectacular eight trading day rise. The 10-day Brazilian forecast is seeing rain totals reduced. The December WASDE crop report is out by 11:00 a.m. this morning which will have US supply/demand tables updated…
Grain trade finds buying interest overnight. Grain futures are higher to start the session this morning, as soybean and corn crop estimates for Brazil were cut slightly early this morning. Brazil’s CONAB released their December 1 data showing 23/24 soybean production estimated at 160.177 MMT vs 162.42 MMT prior and acres at 45.309 million vs…
A firm start across the board this morning with wheat leading. Wheat has been up six days straight as of yesterday and is again higher this morning, the longest daily up streak since Russia invaded Ukraine. China has bought US soft red winter wheat two days in a row and has already surpassed last year’s marketing…
A bit of Turn-around Tuesday greets the morning. Grain prices are mixed this morning as wheat consolidates its sharp five-day gains, while soybeans bounce off the 1300 price range as actual rainfall continues to be less than expected while forecasts maintain hopeful prospects. Corn prices are steady/firm as Brazilian corn prices have risen dramatically on…
Wheat trades higher and beans overcome sharp deficit. This morning’s grain markets have wheat pushing higher for the fourth session row, putting pressure on the massive short position that has seen wheat rally $0.60 in 4 ½ sessions straight. Meanwhile, corn is soft, while soybeans are overcoming a $0.14 deficit and are now only a…
Grain prices do a give back on the week overnight. Grain futures are lower this morning, with soybeans leading the charge on the prospects of rain for the dry areas of North Central Brazil starting Sunday into the first half of next week. Forecast models remain consistent in offering some improved rain across the northern…
Mixed start for Thursday. Grain prices are the reverse of yesterday morning, with soybeans and wheat drifting while corn shows minor strength. First notice day deliveries were expectedly large in Chicago wheat at 1347 contracts and as expected for oats at 184 contracts. There were no December corn, soy oil, or soymeal delivery tenders. Traders…
Wheat and soybeans lead morning strength. Soybeans and wheat are higher this morning on follow-through buying from yesterday’s strength, while corn struggles with old longs being liquidated ahead of first notice day Thursday. Soybeans are finding support on the longer-term forecast that does show the rain coming December 4-five for N Brazil, but now it’s…
A small Turn-around Tuesday greets morning trade. Grain futures are firmer this morning in an anemic recovery rally from yesterday’s heavy selling ahead of first notice day on Thursday for the December contracts. Soybeans are performing a bit better as products lead the recovery. Managed money is not heavily short corn (largest since June 2020)…
Grains mixed to get trade underway for the new week. A mixed trade this morning starts the week as wheat and soybeans try to mount a recovery bounce from Friday’s week-over-week lower close, while corn has the December contract challenging the November reversal low ahead of first notice day on Thursday. Soybeans are finding some…