Friday’s grain trade mixed start, beans near the low of the week. Grains are softer this morning, with soybean oil finding a bid as spreads unwind and meal continues to soften. Improved Argentine and southern Brazil weather for rain are on the way, with this weekend’s widespread coverage of 1-2” expected. Also, China goes on…
Grain prices drift lower after overnight short covering. Grain pricing softened overnight, as index fund flows had ceased on Tuesday, and the market now focuses on the improving prospects in Argentina and Southern Brazil, which will receive beneficial rains that slowly start today and carry into the weekend. Early week strength that was created by…
Spec trade: Sell a March been at 1528.6 GTC with a 1552 stop.
Grain prices softened after overnight gains. Grain futures pushed higher overnight on positive momentum from yesterday’s closes, with corn stalling just shy of 690 and soybeans below 1550 before turning lower in the early morning hours. GFS weather models maintain a strong likelihood that Argentina will pick up the best meaningful rains in months into…
The week starts with grains under pressure. Grain futures opened lower Monday night and pressed lower on a weather pattern shift for South America that is bringing better rain chances in Argentina, along with Russia increasing their crop size to a record 104.5 MMTs. Brazil has harvested an estimated 1% of their record 2023 crop…
Corn and soybeans rebound overnight. Corn and soybean futures rebounded overnight along with a lift in crude oil (oil near the highs of the week up $1.50), as short covering interest inspired buying ahead of Thursday’s WASDE crop report. Wheat futures recovered from overnight losses but stayed mixed into the early morning hours. The Chinese…
Grains fail to find a Turnaround-Tuesday. Grain futures are lower today after yesterday’s poor technical closes. Improving moisture prospects in Argentina beyond January 20 continues to prompt liquidation. Russia made an aggressive offer to Egypt, taking the legs out of the wheat market once again. Kansas City wheat falls through its December low on the…
Soybeans failed to breach 15.00 overnight and hold. Sunday night grain trade had seen a higher opening, but soybeans stalled at the $15.00 mark with record soybean meal ownership by the funds finding an exodus into the strength. Arid weather forecasts continue for Argentina, but several week fronts do pass through Argentina that presently do…
End of week short covering dominates overnight. Grain futures firmed overnight on end of the week short covering after three heavy days of selling that caught bid in the Thursday forenoon trading. This morning’s employment data came out neutral, averting fears that the Fed would take more aggressive action against any data numbers stronger than…
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