The third lower Monday in a row gets the week started. Grain futures started the week lower on a non-threatening central US weather forecast, along with sporadic feast/famine rains that occurred across the Western Dakotas over the weekend. Current breaks in prices will again bring about new demand for corn and soon-to-be wheat. Egypt seeks…
Cattle On Feed On Feed: 105% vs 103.9% estimate Placed: 127% vs 122.5% estimate Marketed: 133% vs 133.0% estimate Report is slightly negative to pre-report estimates.
Wheat and soybeans challenging recent lows to end the week. Grain futures worked lower overnight on favorable Central US weather forecasts and easing cash basis bids for nearby soybeans. Many crushers and moving their bids to the November contract as of yesterday. Rain showers are starting to occur across the Northern Plains, and totals so…
Exit the July corn at 664 limit. Significant resistance is at play near last night’s high. Starts at 669 up to 672. Again today another 1.224 MMTs sold to China of new crop.
Grain futures seek price stability from recent decline. Grain futures pushed higher in the evening session initially, with corn leading the recovery before stagnation kicked in overnight. Some areas are seeing cash bids on retreat as crushers are slowing their run rates have pulled enough local supply for 30 day needs. Plains moisture is beneficial…
Universal deflation common theme overnight. Major deflation hit everything under the sun last night, as agricultural, energy, stock indexes and cryptocurrencies were universally sharply lower. The only thing higher last night was a moderate bounce for the US dollar off of a challenge of the lows of the year yesterday. This afternoon is the release…
Turn-around Tuesday. Turn-around Tuesday got underway from the opening tick of the night session, as four days of selling culminated in a low in the Sunday night session that Monday stabilized. The US dollar is testing a 4-month low and threatening to breach critical support at 89.20 set back at the opening of 2021. This…
Upcoming Northern Plains rain leads lower overnight session. Grain futures opened lower last night, led by the Minneapolis wheat contract. As needed, 1-2 inches of rainfall is forecasted later this week for the Northern Plains, Upper Midwest, and Southeastern Canada. Additionally, warmth due by midweek accelerates row crop emergence and growth rates moving forward. In…
July corn tagged the purple line with on going barge traffic fear.
Sharp grain recovery on barge traffic renewal. Grain futures recovered overnight after a rough start due to margin call selling from yesterday’s sharp losses. Late yesterday the US Coast Guard, Army Corps of engineers, and barge companies concluded their emergency meeting on renewing barge traffic under The Hernando De Soto bridge. The meeting held high…
