Strong overnight grain trade softened by morning. Grain futures were pushed higher overnight, led by the wheat trade. The drop of 5% in the good/excellent category for wheat prompted buying interest, which had Chicago wheat pushing through the 100-day MA at 5.97 to a high of just over 6.00 before retreating in the early morning…
French milling wheat leads overnight gains. Grain prices are mixed this morning with wheat advancing, following French milling wheat’s gains of $5.00 MTs on NSW Russian dryness. Heavy funds shorts are taking note and are starting a lifting process. Their heavy short position across the grain complex makes it obvious that any shock to the…
Cattle On Feed 4/19/24 On Feed: 101% vs 102.1% estimate Placed: 88% vs 93.0% estimate Marketed: 86% vs 88.1% estimate Cattle on Feed numbers were friendly to pre-report estimates, expect a dollar start higher on Monday.
Overnight volatility experienced in the grain trade and outside markets. Overnight volatility produced a spike in grain prices as Israel mounted a retaliatory attack against Iran last night. This caused the energy and metal markets to spike higher and have now returned to lower levels. The attack was limited in scope; Israel did not acknowledge…
Mixed grain trade for Thursday morning. This morning’s grain trade is mixed with soybeans losing ground, giving of yesterday’s gains and then some, while wheat futures stabilize and firm as RIF/Grain Flour has ceased grain export operations in Russia. It appears Russia is nationalizing its grain export industry, raising price control issues. Currently Russian 12.5%…
This morning’s grain trade is nearly mixed. This morning’s grain trade is mixed, as the market is stabilizing from yesterday’s heavy selling. The corn basis bids remain strong and increasing on strong domestic demand while the wheat market is getting attention of the deepening dryness across the HRW wheat belt and the SW Russian winter…
Lack of turnaround Tuesday with evening strength fading. Grain futures opened higher Monday evening, but the trade faded throughout the night. Initial strength occurred as it was reported China’s GDP data showed +5.3% vs. +4.8% expected, boosted by the government’s efforts to spur manufacturing and demand earlier this year. China also reportedly bought 20 cargoes…
Lower crude oil softens the commodity trade. Grain futures are lower to start the week on reasonable planting weather and weakness in the energy complex. The Iranian attack on Israel failed to spark sharp rallies in crude oil, as Israel was able to defend most of Iran’s attacks successfully. The break in crude pressured other…
This morning’s grain trade shows a firm start. This morning’s grain trade is firmer across the board as a recovery bounce into the weekend on short covering gets underway. Yesterday’s USDA Report featured a conservative approach to corn, bean, and wheat balance sheets. The USDA also “punted” on making any changes to Brazilian production, maintaining…
USDA Report 4/11/24 Yield data was bearish in all categories, USDA leaving South America unchanged with their high yield thoughts. Currently market is short covering, focusing on the lower CONAB yields from this morning.
