Buy Wheat
Spec trade: Lower stop on Dec Chicago wheat long to 683 and buy a 2nd contract at 692.2 same stop. Wheat is in a 2-3 day correction that should turn back up.
Morning Update 9/21/21
Markets stabilize overnight on Evergrande worries. Grain futures found mixed results overnight but stability overall, unlike the Sunday evening session. Part of corn’s mild weakness overnight is tied to its 1% rise in the US corn GD/EX rating, while world veg oil prices firmed and supported beans. The US corn/soybean ratings gain came from Illinois,…
Morning Update 9/20/21
Default concerns of Chinese real estate group prompts massive selling. The financial and commodity world went risk-off overnight, with stock indexes sharply lower, with Dow Jones down almost 700 points, energies, softs, and grains were lower, with livestock probably included today, as concerns over the default of Evergrande Group, the largest property developer in China,…
Wheat
Spec Trade: Buy a Dec Chicago Wheat at the MKT, 708.4 last with a 701.6 stop.
Morning Update 9/17/21
Row crop prices soften ahead of a big harvest weekend. This morning, a mixed grain trade is featured with wheat firm and row crops soften with the onset of the first large harvest weekend. This is bringing hedge sales into the marketplace, as stated Thursday morning could be a probability. A strong price lift from…
Morning Update 9/16/21
Grain futures end mixed after a firm overnight session. Grain futures pressed higher again overnight, with corn making new monthly price highs and wheat and soybeans challenging early September highs. Grain prices drifted lower towards the end of the night session on lackluster export sales data along with the dollar that firmed on retail sales…
Morning Update 9/15/21
Grain futures continue their post crop report rally. Grain futures pushed higher overnight, with corn and wheat exceeding Tuesday’s highs, providing more evidence that the Friday, September 10 crop report low is giving the appearance of a harvest low, with end-user buying evident. Expanding US export demand for corn/soybeans, stout spot cash market bids, and…
Morning Update 9/14/21
Turn-around Tuesday in the overnight trade on wheat cuts. Grain futures moved higher overnight, capturing their Turnaround-Tuesday (adding to grains which closed near the better levels of the session on Monday though still lower) led by a cut in the French wheat crop. The French Farm Ministry cut their wheat crop estimate to 36.06 MMTs,…
Buy Wheat
Spec trade: Buy a Dec Chicago wheat at the MKT, 683 last with a 674 stop.
Morning Update 9/13/21
Post crop report selling returns overnight. Grain futures start started overnight mixed to firmer, and turned week throughout the evening. Since the first of the year, there have been 11 USDA crop reports, which 9 of them finding immediate selling the day after the report. Friday’s crop report will be the 12th, with today making…