Author: Ivan

Spec trade: Buy a Dec corn at 718 OB (717 last) with a 703.6 stop. The upcoming 3-day weekend and heat building should have Dec corn rising into next week.

FED meeting starts today. It’s a mixed morning for grains, with wheat and corn softer while soybeans mount a mild recovery. Outside markets are stable as the Federal Reserve starts its two-day meeting today with the interest rate hike announcement tomorrow at 1:00 p.m. The trade is now anticipating a potential .75% interest rate hike….

Risk-off versus a threatening weather forecast. Grain futures opened higher last night and moved sharply higher on wheat, with corn and soybeans also finding initial strength before getting caught up in the risk-off selling in the outside markets. Stock indexes were down another 5% overnight after Friday’s massive losses from the CPI index, which was…

USDA WASDE Report 6/10/22 Ending stocks data was a touch friendly soybeans and slightly negative corn. Old and new crop wheat carry outs were mixed but within estimate ranges.

Stronger CPI keeps pressure on the FED The grain trade overnight was lower as yesterday’s strength in corn and beans went into correction after outside markets tumbled hard rolling into today’s CPI report. The Consumer Price Index this morning came in the highest in 40 years jumping 8.6% year-over year. This set outside markets with…

Weather remains threatening next week for the Midwest. Grain futures are lower on technical considerations, with the wheat market failing to respond to the lack of progress for any export corridor deal that Russia has tried to work with through its Turkey meeting yesterday. Corn and soybeans could not maintain follow-through buying overnight and drifted…

Soybeans post new contract highs overnight. Grain futures pressed higher overnight with old crop and new crop soybeans making new contract highs for the year. (July beans are spot, and the spot high made in March is still at 1759.6 to clear.) Corn also followed beans higher in a sharp manner on the possible ridging…

The current planted corn crop rated the best in years. Overnight grain futures were mostly softer on corn crop ratings or better-than-expected and the upcoming Russian/Turkey meeting in Istanbul on the proposed Ukraine export corridor clearing. Ukraine confirmed Monday that it has not yet been included in any pending Istanbul talks, which start on Wednesday….

Russia blows up a Ukrainian grain port. Grain futures moved sharply higher overnight, with wheat futures gaining $0.50 at one time as Russia destroyed one of Ukraine’s grain export ports of Mykolaiv, circumventing the potential of significant grain exports leaving Ukraine in any hyped safe passage corridor. This port handles just over 1 MMTs of…

Grains starting the last day of the week on the defensive. Grain futures are mostly lowered to start the last day of the week, with China on Dragon Boat Holiday, this is creating no follow-through buying interest to Thursday’s strong soybean close. This past week’s sharp price decline in wheat and corn is tied to…