Sharply higher weather market overnight. There was a sharply higher grain market overnight on concerns over heat and dryness in the Plains and now the western and northern Midwest into June 20. Extreme heat was noted on the weekend across the Dakotas, with high temps ranging from the mid 90’s to the lower 100’s. Record…
Another overnight grain rally that needs to overcome day session selling. Again for the 4th time this week, grain futures are higher in the night session, which begs the question for the 4th time this week, will they sell the opening?. Increasing concerns for the drought in the Northern Plains and the northern half of…
Grain futures start Thursday morning session sharply higher. Grain futures were higher from the opening tick overnight, advancing double digits for spring wheat and soybeans on concerning weather, with the euro and the afternoon turning drier than the GFS that midday tried to suggest chances of rain by June 11. Soyoil futures have scored new…
Spec trade: Buy Dec Corn at the MKT 567.2 last with a 556.0 stop.
Grain futures continued gains overnight. Grain futures are mostly higher this morning, but initially corn and soybeans struggled at the opening last night on better-than-expected corn crop condition ratings. Hot/dry Central US weather concerns created further buying interest to absorb that weakness last night. The NASS reported that 76% of the US corn crop was…
Wheat futures lead overnight recovery. Grain futures are higher this morning after yesterday’s blowout lows, with wheat futures leading the advance. Cold temperature risk has the Canadian crop, which is at risk for a freeze, along with newfound demand that Saudi Arabia is bidding for 720,000 MTs world wheat. This morning’s export sales were bullish…
Spec trade: Exit long July bean oil at 66.60 OB for a slightly better than breakeven trade. A nice advance overnight that was quickly erased by morning, brings into question if bean oil still is going to be attacked by liquidation before month end.
Mixed start for today, after yesterday’s chart-based liquidation. Grain futures are mixed this morning, with the only old crop corn seeing a moderate bounce from Tuesday’s chart-based liquidation. Favorable Central US weather and the uncertainty surrounding 2021 crop seedings has the marketplace anticipating strong yields with all of the summer still in front of us….
Crop ratings reveal the poor spring wheat crop to the world. A sharp rally in spring wheat overnight occurred on the collapsing wheat condition reports, representing the crop to the world as caring condition ratings near 1988 levels. Spring wheat was up as much as 11 cents overnight before retreating a bit. Soybean futures also…
Spec Trade: Buy a July MWE Wheat at 682.4 with a 671 stop