Concerning heat keeps overnight grain prices firm. Grain futures pressed higher overnight, with Minneapolis wheat finding continued profit-taking and spread unwinding after failure to take out Sunday nights 944.4 high from Monday’s devastating crop condition ratings. Soybean struggled overnight on news that the Biden Administration may delay the biofuel mandate announcement for 2021 and 2022….
Grain futures recover back to Sunday nights highs. With the outside markets stable today and not creating a negative influence, grain futures opened firm last night and traded sharply higher row crop ratings that barely showed improvement after last week’s cooler temperatures and rains. Spring wheat ratings collapsed historical lows to register an 11% GD/EX…
Crop Condition Ratings Corn ratings gd/ex came in at 65% which is unchanged from last week’s 65% trade was estimating 66% Bean ratings gd/ex came in at 60% which is up 1% from last week’s 59% MWE ratings gd/ex came in at 11% which is down 5% from last week’s 16%, trade was estimating 15%…
Spring leads grains higher overnight with new contract highs. Grain futures opened higher overnight on the warmer and dryer forecast for this week, with crops in the N Plains and the W Midwest having limited soil moisture due to the ongoing drought and will not endure the coming heat/dryness very well. Yet, E Midwest and…
Grain prices trade at a new weekly highs overnight. After a mixed overnight trade, corn and soybeans moved higher, following the sharply higher wheat market as the 4:30 A.M. GFS models showed more pronounced heat and continued dryness in the 6-10 day and 11-15 day models. There will be weekend rainfall across the S and…
Overnight grain trade consolidates prior 3 days gains. Grain futures consolidated overnight as rains moved east from Iowa and Minnesota into Illinois, as that is the last of the rain for the North Central corn belt for the next ten days. Lack of producer selling is keeping any setback minimal, and the open interest decline…
Spec trade: Exit the long two Nov mini-beans at 1395 for a $1,000 day trade gain if offered. Trendline resistance is 1400.
Overnight grain futures buck the radar rain. With rains starting in Western Iowa, grain futures moved higher overnight, as concerns about heat and dryness are appearing in the 6-14 day forecast. Nearby rainfall is positive for South Dakota, Nebraska, Minnesota and Iowa but the hot longer-term model threatens crops, as current rain just satisfies current…
Hedge update: Per the Weekend Hedger we are exiting the Short-date corn and bean puts at the MKT. Technical action is implying last week was a low with solid value. Upside potential, though volatile is likely higher from here.