Geopolitical concerns and uncertain weather drive markets. Grain futures opened lower last night on steady to better crop ratings, as a wetter euro forecast, and geopolitical concerns with Nancy Pelosi’s trip to Taiwan raised tensions. Asian equity markets fell on the anticipated Pelosi visit with Hong Kong down 2.4%, Shanghai off 2.3%, and US equity…
Spec trade: re-buy the November bean at the market, 1397.4 with a 1388 stop. The grain trade has soybeans at the 200-day MA, and if this can hold through the night session, the turnaround Tuesday could be substantial after Nancy Pelosi lands in Taiwan and if China has no response. Weather is still threatening for…
Grains price decline overnight as a ship leaves Odessa. Grain futures opened higher overnight, but not as strong as early indications, as rumors were circulating that despite a ship not leaving Odessa Friday or Saturday, it was rumored that it would leave Odessa Monday morning. This took the bloom off the start in the grain…
Grains continue to be price explosive. For the fifth morning this week, grains are sharply higher as a 360° attitude occurred over the weekend after six months of selling. 1. The Ukrainian Safe Grain Corridor will not perform to the extreme expectations that the world desired, 2. The weather has gone from hoped optimal rains…
Grains remain in a sharp recovery. Grain futures worked on both sides of unchanged in the evening (a few lite showers were popping up in the W Midwest, which created evening weakness) but firmed in the early morning hours as the Central US weather forecast, along with Europe’s weather, continue to offer hot and dry…
Heat on the way to the Cornbelt. Grain futures moved sharply higher overnight on yesterday afternoon’s crop rating declines across the board for row crops and spring wheat, along with weather models that continue to bring heat and dryness back into the central corn belt in the early part of August. Grain prices have broken…
Ukraine Export Corridor questioned. Grain futures took an about-face overnight, reversing sharply Friday’s grain price slump celebration of the Ukrainian Export Corridor signing as Russia was launching missile strikes on Saturday morning into the Odessa grain ports, claiming there were ships there with US military munitions on board. After declining for 60 days since the…
Cattle On Feed On Feed: 100% vs 100.1% estimate Placed: 98% vs 94.7% estimate Marketed: 102% vs 102% estimate Inventory: 98% vs 97.9% estimate Calves: 99% vs 98% estimate Report was Neutral to slightly negative on placement number. Expect .50-1.00 lower open on Monday.
Ukraine grain corridor signed today. It’s been 60 days since the hint of a Ukrainian Safe Grain Corridor was first proposed by the UN, and spot wheat futures have declined by $5.00, soybeans $4.00, and corn $2.00 and are back to pre-Ukrainian invasion values. According to Turkish officials, the anticipated signing is at 8:30 a.m….
