Grains struggle ahead of last trading trading day before Thanksgiving. Grain futures put in a directionless night, crossing unchanged several times while ending mostly softer at the end of the morning session. The export sales data that we would normally see Thursday morning is delayed until Friday, and the December options expire on Friday’s close….
Grains recover on Turn-around Tuesday Turn-around Tuesday is in full force today, with metals and energies in recovery mode, supporting grain, after yesterday’s climactic false rumor of a 500,000 BPD increase in oil from OPEC was rejected midday by an OPEC minister, creating a dramatic decline and reversal on Monday that had seen grains plummet…
Grains soften at the start of Thanksgiving week. Grain futures started the week lower on Sunday night, with the dollar firmer, equities and energies lower on rising Covid affections in China and more lockdowns. Also, for the second week in a row, better-than-expected rain fell across Argentina, with rain totals ranging from .5-2.50”. The areas…
Cattle On Feed On Feed: 98% vs 98.3% estimate Placed: 94% vs 96.4% estimate Marketed: 101% vs 100.8% estimate Cattle on Feed report is slightly friendly on the placement data compared to pre-report estimates. Data would be considered slightly friendly for 2023 cattle contracts.
Ukrainian Corridor is on auto-renewal. The Ukrainian export corridor is back on approval and now runs to March 19. This will allow the USDA to adjust Ukraine export estimates upwards, which of course, will affect US corn exports in an almost inverse amount. December 9 is the next chance for WASDE to work with carryouts….
Spec trade: Buy 2 Jan Micro-crude oil at 80.15 GTC with stops on all 4 at 75.90. Friday/Monday is the next change in trend date. The 78% Fibonacci retracement is near 80.00.
Ukrainian Safe Grain Corridor is renewed. Grain markets tumbled in the early morning hours as newswires reported that all parties involved in the Black Sea Export corridor have allowed it to extend for 120-days automatically. The original deal is renewed, so the corridor will only cover the same three ports in Ukraine, and negotiators were…
Ukrainian air defense missiles were to blame from Poland strike. Grain futures tumbled overnight, giving back the explosive rise that was created late in Tuesday’s session on fears Russian missiles landed into Poland, killing two civilians, and would trigger a NATO response. It’s been reported overnight that the missiles that caused the damage were Ukrainian…
Safe Grain Corridor appears on track for an extension. Grain futures were lower/sharply lower overnight when in the early morning hours, Bloomberg news reported that Russia would extend the Ukraine Grain Export Corridor. They will do so once they see assurances and actual progress that US/Europe will lift sanctions on the Russian state bank, Rosselkhozbank,…
