Row crop futures higher on follow-through buying from crop report. Grain futures pushed higher through the overnight session on follow-through buying from yesterday’s bullish NASS acreage data. After a brief break in the night session on soybeans, as Chinese President Xi gave a hardline speech that spooked bean pricing, a resumption of buying continued in…
USDA Acreage And Grain Stocks 6/30/21 Data bullish corn and soybeans.
USDA crop acreage and stocks report out today. It’s report day, and grain futures are entering it under pressure with prices lower across the board. NASS will release their June Stocks/Seeding Report at 11 AM CT, and this report is historically known for sharp, unpredictable moves. It’s the end of the month and end of…
Spec trade: Day order, Buy a September MWE wheat at 826.2 with an 809 stop. Trending support is at 820-826.
Crop Condition Ratings Corn ratings gd/ex came in at 64% vs 67% est. which was down from last weeks 65% Bean ratings gd/ex came in at 60% which was the average estimate, even with last weeks 60% MWE ratings gd/ex came in at 20% down from a 25% est. and down from last weeks 25%…
Again spring wheat leads overnight grain rally. Wheat futures opened higher overnight with row crop prices mixed. Then a strong rally developed throughout the night as the North American forecast showed a drier and warmer weather forecast continuing to be offered in the northern Plains and NW Midwest into mid-July. Crops in this area are…
Cattle On Feed 6/25/21 On Feed: 98% vs 100.6% estimate Placed: 98% vs 95% estimate Marketed: 98% vs 123.4% estimate Mostly neutral compared to pre-report estimates.
Cattle On Feed 6/25/21 On Feed: 100% vs 100.6% estimate Placed: 93% vs 95% estimate Marketed: 123% vs 123.4% estimate Report mostly neutral with a friendlier outlook towards feeder cattle.
Market Volatility from Biofuel Court Decision Supreme Court rules for refineries request for waivers from biofuel mandates. Sent soybean oil tumbling, dragging soybeans lower as well. Support held. Today’s Supreme Court decision merely gives this and future Administration’s more freedom to do waivers, but it doesn’t dictate things. Question now is, how will the Biden…