USDA crop acreage and stocks report out today. It’s report day, and grain futures are entering it under pressure with prices lower across the board. NASS will release their June Stocks/Seeding Report at 11 AM CT, and this report is historically known for sharp, unpredictable moves. It’s the end of the month and end of…
Spec trade: Day order, Buy a September MWE wheat at 826.2 with an 809 stop. Trending support is at 820-826.
Crop Condition Ratings Corn ratings gd/ex came in at 64% vs 67% est. which was down from last weeks 65% Bean ratings gd/ex came in at 60% which was the average estimate, even with last weeks 60% MWE ratings gd/ex came in at 20% down from a 25% est. and down from last weeks 25%…
Again spring wheat leads overnight grain rally. Wheat futures opened higher overnight with row crop prices mixed. Then a strong rally developed throughout the night as the North American forecast showed a drier and warmer weather forecast continuing to be offered in the northern Plains and NW Midwest into mid-July. Crops in this area are…
Cattle On Feed 6/25/21 On Feed: 98% vs 100.6% estimate Placed: 98% vs 95% estimate Marketed: 98% vs 123.4% estimate Mostly neutral compared to pre-report estimates.
Cattle On Feed 6/25/21 On Feed: 100% vs 100.6% estimate Placed: 93% vs 95% estimate Marketed: 123% vs 123.4% estimate Report mostly neutral with a friendlier outlook towards feeder cattle.
Market Volatility from Biofuel Court Decision Supreme Court rules for refineries request for waivers from biofuel mandates. Sent soybean oil tumbling, dragging soybeans lower as well. Support held. Today’s Supreme Court decision merely gives this and future Administration’s more freedom to do waivers, but it doesn’t dictate things. Question now is, how will the Biden…
Spring wheat leads overnight price strength. Grain futures mainly moved higher overnight, with corn drifting in the early morning session. Overnight strength was tied to follow-through buying from yesterday’s midmorning recovery and close. Corn and soybeans yesterday held key support values, as China booked another 5 to 7 cargoes of beans, and there is talk…
Hogs and Pigs Report All Hogs and Pigs: 98% vs 97.7% estimate Kept for Breeding: 98% vs 98.9% estimate Kept for Market: 98% vs 97.6% estimate Mostly neutral compared to pre-report estimates.
