Malaysian Palmoil pulls beans higher overnight. Soybeans and corn moved higher overnight, led by an explosion in Malaysian Palmoil, which also pulled canola higher, giving soybeans new life and challenging technical resistance. The monthly Malaysian Palmoil Board Inventory Report sparked the massive rally, which pegged end of July stocks at just 1.52 MMTs. Such stocks…
A surprise increase in corn ratings created a mixed evening session. Grain futures had a mixed evening session, with corn futures struggling with the unexpected rise in the crop condition report. At the same time, wheat found support from world valuations that continue to grind higher, with soybeans anticipating more fresh Chinese interest underpinning the…
Crop Condition Ratings Corn ratings gd/ex came in at 64% which is up 2% from last week’s 62%, the expectations were steady to lower. Bean ratings gd/ex came in at 60% which is even with last week’s expectations. MWE ratings gd/ex came in at 11% which is up 1% from last week’s 10% which at…
A collapse in oil prices overnight put downward pressure on bio-fuel crops. Grain futures for the third week in a row opened firm overnight and succumb to outside selling. Rain totals for the Midwest were mixed, as typical spotty rather than widespread rain showers occurred. Areas of Minnesota and Iowa received needed rains, while the…
Grain prices firm in the overnight session on concerns large areas of the corn belt miss rains. After a lower start and soft evening session, grain futures firmed into the close of the morning session, on the disappointment that rains over the past few days have been less than broadcasted, and upcoming weather models show…
Spec Trade: Sell a Sept Dollar index at the MKT, 92.22 last with a 93.03 stop.
More export problems for South American corn. Another mixed thin volume trade night for grains, with corn and wheat trying to create a recovery in price. Soybeans are stalled on the prospects for rain across the Lake states, including Iowa. Volume overnight was thin compared to the average July evenings with the upcoming USDA crop…
Mixed overnight trade on thin volume. Grain futures produced a mixed overnight trade on thin volume, as StoneX yields produce a lower than anticipated guess. StoneX estimated 2021/22 US corn yield at 176.9 BPA and 50.0 BPA for beans. A host of other private crop estimates will be offered in the coming trading sessions, with…
Turnaround Tuesday from the start of the night session for grains. Grain futures are lower this morning, with soybeans sharply lower after yesterday’s strong close found willing sellers with the soybean ratings higher rather than lower in the afternoon report. Corn crop condition ratings did fall 2% out of the GD/CS category, as expected, but…
Crop Condition Ratings Corn ratings gd/ex came in at 62% which is down 2% from last week’s 64%, slightly better than the average guess. Bean ratings gd/ex came in at 60% which is up 2% from last week’s 58%, slightly bearish to expectations MWE ratings gd/ex came in at 10% which is up 1% from…
