Grains recover from overnight early weakness. Grain prices opened lower overnight initially from harsh comments from the Chinese Communist Party against the US in public papers in their country. However, buying resumed at 8:00 PM CDT when Chinese trade opened, and their corn and meal futures surged higher. This, along with crude oil making new…
Cattle On Feed and Hogs and Pigs Report On Feed: 99% vs 99.3% estimatePlaced: 97% vs 101.4% estimateMarketed: 97% vs 97.2% estimate Cattle on feed report for placements was bullish compared to pre-report estimates, look for a firm to sharply higher start on Monday.
Wheat futures lead overnight advance. Grain futures turned higher from the onset of the opening last night, with wheat being the leader. Rising Russian export taxes for wheat, with Russia setting this coming week’s export tax at $67/MT and corn at $49.70/MT. News that Egypt will be seeking a wheat tender, which they had canceled…
Grain futures pause recovery price run. After becoming extremely overbought from 5 straight higher sessions since the USDA crop report low, grain futures pressed yesterday highs overnight and faltered into profit-taking in the morning hours. Export sales were deemed strong, with 50 million bushels of corn and 105.8 million bushels of soybeans sold. Good exports…
Veg oils around the world make new contract highs. Grain futures pushed higher overnight for the 6th day in a row of higher movement since the lows were made last Wednesday, October 13. Again, the leadership comes from the veg oil market, with Palm oil, EU rapeseed (up 10% in 2 weeks), Canadian canola, and…
Grain futures firm ahead of a potential Turn-around Tuesday. Grain futures were firmer overnight, as the US dollar weakened below of prior week’s low for the first time since the end of August. Creating a sense of a US dollar top in the making has a risk-on attitude in play. Metals moved sharply higher overnight…
Overnight strength from Crude oil fades. Crude oil pushed to new contract highs overnight, with North Sea Brent crude touching $86, pulling the soon to expire November WTI crude oil contract to 83.87. This offered support overnight to grains and soybeans, but that faded by the morning hours after last week’s multi-day recovery bounce was…
Grain prices continue their recovery. Grain futures were higher overnight, with focus now on increasing demand with the supply guesses fully known. Profit margins for soy crushers, ethanol producers and livestock produces as well are greatly enhanced at present prices and are being acted upon. Chinese crush margins are at multi-year highs and will bring…
