Light trade ahead of today’s USDA report. Today is the USDA Prospective Plantings and Quarterly Stocks Report at 11 a.m. CT. The average trade guess is 91.8 million corn acres, 86.5 million bean acres, and 47.3 million All Wheat acres. These are intentions and will change by June 30. It will be closely monitored if…
Another day of selling continues ahead of Thursday’s reports. The grain trade is softer again this morning as last week’s strength continues to be sold ahead of Thursday’s Stocks and Seedings report. Markets are closed on Good Friday and will reopen on Sunday evening. May corn and beans have fallen below 50-day moving averages ahead…
Good morning from Turn-around Tuesday. The grain trade is softer this morning as the grain trade retreats from Monday’s gains. A newswire reports that nearly 400,000 MTs of Russian wheat is ensnared in the RIF/Russian government dispute over the valuation of RIF, with the Russian government unwilling to issue phytosanitary certificates. It’s unknown when and…
The overnight grain trade is firm to start the week. The grain trade this morning is mostly firmer, with corn nearly unchanged. Wheat prices are firmer and up against the downtrend line resistance on the Kansas City and Chicago wheat contracts as the Russian government and the largest private exporter battle over its company’s valuation…
Cattle On Feed 3/22/24 On Feed: 101% vs 100.9% estimate Placed: 110% vs 106.4% estimate Marketed: 103% vs 103.8% estimate Cattle on Feed numbers were bearish compared to estimates on the placement and marketing numbers, expect an opening of a dollar or more lower on Monday.
The grain trade is checking strength from this week’s trade. The grain trade is lower this morning after overnight momentum from Thursday’s rally was absent. Grain choppiness remains amid a lack of fresh fundamental news, and the NASS Stocks and Seedings report is due next Thursday. The debate continues over Brazilian soybean and corn crop…
The morning grain trade is higher from a firm overnight. This morning’s grain trade is higher as overnight soybeans pushed through last week’s high and the 50-day MA before retreating moderately into the morning. Meanwhile, corn stalled at its important 445 resistance, with May Chicago wheat trying to press through 550-553. These key areas will…
The morning grain trade is the reverse of yesterday’s closes. Another mixed morning trade, as yesterday’s wheat strength is challenged today, while soybean weakness has found new buying interest. The wheat trade is soft ahead of a GASC tender for May wheat that may likely get cancelled. Egypt is seeking Russian wheat, but Russian FOB…
The week trade ignores Turnaround-Tuesday in early trade. World wheat markets continue to rise, adding risk premium as the Russian war intensifies. Spot Russian cash markets are stable at $5.53/bu. Short covering continues as it is seasonally difficult to be bearish wheat futures and cash prices in early/mid-spring. Key week’s news ahead includes Ukraine targeting…
Morning Update This morning’s grain trade has wheat showing an advance, while corn is mixed, and soybeans have turned softer from what was initially higher starting Sunday night. Wheat trade found buying interest as black sea fob prices as newswires reported that Russian drones a missile attack damages on the Odessa and export facilities could…