A mild pause in grain futures overnight on a spectacular run. Grain futures went into a mild correction overnight despite substantial gains yesterday and the week. With corn gaining almost 60 cents, soybeans 95 cents on the week, the basis remains strong. Typically, on such movements to the upside, the basis would weaken, but supplies…
Upside momentum accelerated overnight. Another round of contract highs across the board overnight, as momentum fueled buying pressed the market into the early morning hours before a lite retreat into the close. This kind of action is creating a flaring run to the upside that could cause a short-term burnout spike high. However, setbacks will…
The trend of overnight contract highs continues. Another round of new contract highs overnight in row crops for both old and new crops, before profit-taking rolled in again on the futures market. The premium of spot Midwest cash corn, soybean and soyoil markets is spurring short-covering in May futures heading into 1st notice day on…
A new round of contract highs again overnight. Old and new crop soybeans, along with December corn made new contract highs overnight. The wheat market followed higher on cold temperatures in the low 20 in western Kansas/E Colorado. Wheat is in the boot stage in N Texas where damage is likely, but production has turned…
Spec trade: Buy a Dec cattle at 126.22 with a 124.97 stop. Day order.
New contract highs for Spring Wheat at Dec corn. Grain futures worked higher overnight on concerning US and world weather. The Northern US/Plains, the Brazilian winter corn area and Northern Europe are all enduring some measure of drought. This has the CBOT adding weather premium to price ahead with domestic US cash markets rising on…
Risk of trading to end the week with the weaker US dollar. A weakening US dollar overnight has gold and silver racing higher, with the risk on mentality in place. Corn, soybeans and wheat are all higher on the week, as we come to a close, typical for a bull market that comes under pressure…
Corn above $6.00 for the first time since 2013. Grain futures pushed higher overnight, with corn trading above 6 dollars for the first time since July 2013. Adverse Brazilian and central US weather and the tightening US old crop stocks scenario container bring in new fund buying interest and end-user pricing. New crop soybeans lag…
Spec Trade: Buy a June cattle at the MKT 119.82 last with a 117.97 stop.
New contract highs for December corn overnight. Overnight grain futures continued the advance from Tuesday’s recovery. The Monday post-crop report blowout was just another buying opportunity in the more bullish trends of corn and now wheat. Ongoing arid weather for Brazilian winter corn and the Northern US Plains/Canadian Prairies sparked the rally to continue overnight,…