Black Sea wheat futures lead overnight wheat decline. Row crop futures opened firm overnight on degrading crop conditions, lifting soybeans and corn while wheat futures struggled. Overnight, with French milling wheat declining almost $6.00 a ton lower (roughly a $0.18 a bushel equivalent), spilling wheat into a larger correction after having seen an elevated run…
Crop Condition Ratings Corn ratings gd/ex came in at 62% which is down 2% from last week’s 64%, Bean ratings gd/ex came in at 57% which is down 3% from last week’s 60% MWE ratings gd/ex came in at 11% which is even with last week’s 11% Crop ratings are friendly to price opening tonight as…
Pro Farmer Crop Tour starts today. After a mixed start overnight in grain futures, they firmed in the morning hours, as French milling wheat rose again overnight active Chinese soymeal interest listed the market. The NOPA will be out with its July crush data at 11 AM CT, which is expected to reflect an 8%…
End-user buying a feature overnight. Grain futures are higher overnight as end-user buying stepped into the overnight session. USDA confirmed yesterday that the Eastern Midwest corn and soybean crops are record large but not big enough to offset the Plains and Western Midwest losses. The world is coming to the rationale that there is not…
USDA WASDE Report 7/12/21 Report was bullish for corn and wheat, friendly for soybeans. This confirms harvest lows were put in at the end of June and the opening of July.
USDA report day today at 11:00 AM CT. A mixed grain trade played out overnight, with wheat futures firm alongside rising world values and French Milling wheat making new contract highs. Today is the NASS/WASDE report day with numbers out at 11 AM CT and FSA out at Noon CT with key reports. FSA’s website…
Malaysian Palmoil pulls beans higher overnight. Soybeans and corn moved higher overnight, led by an explosion in Malaysian Palmoil, which also pulled canola higher, giving soybeans new life and challenging technical resistance. The monthly Malaysian Palmoil Board Inventory Report sparked the massive rally, which pegged end of July stocks at just 1.52 MMTs. Such stocks…
A surprise increase in corn ratings created a mixed evening session. Grain futures had a mixed evening session, with corn futures struggling with the unexpected rise in the crop condition report. At the same time, wheat found support from world valuations that continue to grind higher, with soybeans anticipating more fresh Chinese interest underpinning the…
Crop Condition Ratings Corn ratings gd/ex came in at 64% which is up 2% from last week’s 62%, the expectations were steady to lower. Bean ratings gd/ex came in at 60% which is even with last week’s expectations. MWE ratings gd/ex came in at 11% which is up 1% from last week’s 10% which at…
A collapse in oil prices overnight put downward pressure on bio-fuel crops. Grain futures for the third week in a row opened firm overnight and succumb to outside selling. Rain totals for the Midwest were mixed, as typical spotty rather than widespread rain showers occurred. Areas of Minnesota and Iowa received needed rains, while the…