CPI comes in hot, creating risk-off with higher interest rates coming. After a push higher Wednesday evening when China’s market opened at 8 PM CT our time, grain futures turned lower and are sharply lower in some cases this morning as the national “sell grain after crop report” day is here. The US dollar is…
USDA Report Report was bullish for soybeans, neutral for corn and slightly negative for wheat. They lowered bean production more than expected and lowered exports across the board.
USDA Crop Report Day. Grain prices are lower this morning ahead of the October crop production report, with a small declining yield anticipated for corn. Still, a more significant concern is what the USDA does with exports, as sales are far behind the pace needed to achieve the present balance sheet expectations. The data is…
Turn-around Tuesday on schedule. Turnaround Tuesday found its way into the grain trade overnight, as yesterday’s strong upside performance was checked with spot corn stumbling over $7.00 and wheat prices pushing new highs for the fall uptrend before catching another selling spree. Putin is still launching missiles into Ukraine but not as escalated as over…
Spec Trade: Take a $1,500 profit on March corn at the MKT, 714 last, which is a 78% retracement of the June high.
Russian bombing in Ukraine intensifies. Grain futures are sharply higher this morning as Russia has mounted a counteroffensive in retaliation for Ukraine’s attack and destruction of the Kerch bridge that connects Russia/Crimea. This has speculation growing that the Safe Grain Corridor will not be extended, while the UN is voicing confidence that they can broker…
Spec Trade: Buy 2 Dec Mini-Wheat at the MKT, 882 last with a 853 stop.
The US job market build for September was 263,000. Wheat futures are leading morning strength from the overnight trade, as Reuters reports that the 2023 Ukrainian wheat production is expected to decline by 50%. High input costs, low prices, and a shortage of available fertilizer have farmers frustrated and opting to wait until spring to…
The second day of renewed US dollar strength and poor exports. Grain futures are lower across the board this morning due to the second day of the returning strength of the US dollar and the confirmation of poor exports in this morning’s data. Wheat and soybeans have double-digit losses, with corn also back under 680…
The US dollar bounces off a trend line support. After multiple days of heavy selling in the US dollar, support arrived at the 110.00 value referenced in yesterday’s Heartland video and mounted a near 1% advance. This universally reversed the higher trend in financials, metals, and commodities overnight and, except for crude oil, pushed everything…
