Dakota rains lead overnight grain price decline. Grain futures turned sharply lower overnight as the driest areas of the Central US, most notably Western and Central Dakotas, received several widespread thunderstorm clusters from Tuesday into the early morning hours of Wednesday. The heaviest rain dropped across the Western Dakotas with amounts of .2-1.25″ with lighter…
Disappointing crop ratings lift grain prices overnight. Grain futures recovered overnight on disappointing crop ratings and reductions to Northern Plains precip expectations. The question is, does the grain trade sell overnight strength when it gets reopened at 8:30? Heavy rains in the South Eastern part of North Dakota were the only soaking rains experienced, with…
Crop ratings declined more than expected. Crop ratings out at 3 o’clock, had expectations for ratings on spring wheat to drop only 2%, but they dropped 5% out of the good/excellent category (at 38%). Corn was down more than expected, they were looking for 74% good/excellent it was at 72%. Soybean ratings, the first one…
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.