Spec trade: Lower stop on May corn to 634.4 and June hog stop to 100.65. May corn futures should find support above the December low ahead of the start of negotiations for the Safe Grain Corridor late this week, as Russia will probably have an ax to grind on the new sanctions started last Thursday….
Soybeans hit with deliveries Grain futures are lower across the board this morning, with soybeans tumbling from the start as deliveries as 411 contracts were tendered against the March contract from Cargill. In addition, there were 8 contracts of soybean oil and 352 contracts of corn. Kansas City wheat found 245 contracts delivered, with 911…
Some rains arrive in the Western HRW wheat belt. The grain trade is mixed this morning, with soybeans finding buying interest on continued forecasts of heat and dryness over the next 10 days as the Argentine crops push quickly to maturity for their final yield. Wheat pressed lower overnight, with Kansas City and Chicago rechallenging…
Cattle On Feed On Feed: 96% vs 96% estimate Placed: 96% vs 97% estimate Marketed: 104% vs 104% estimate Cattle numbers are neutral for Monday’s reopening of trade.
US dollar works above 105.00 on a hot PCE inflation number. Grain prices are all lower this morning on the day that marks the one-year anniversary of the Russian/Ukrainian war. Recent media headlines that implied a larger insurgency by Russia have not materialized, and grain prices have declined, with wheat now priced below where it…
Farm Forum estimates released. This morning’s grain trade is mixed after the USDA released its 2023 forum outlook and balance sheets. WASDE put corn seedings at 91 Mil acres, up 2.4 Mil from last year, soybeans at 87.5 Mil acres, nearly equal to last year, and wheat seedings were up 3.8 Mil acres to 49.5….
Grains find Turn-around Tuesday on Wednesday. Turn-around Tuesday (Monday holiday spills it into Wednesday) is presenting lower prices this morning. They came courtesy of unexpected rain showers breaking out over central Argentina this morning, placing rain amounts of .25-1.25” that wasn’t expected. This softened the corn and soybeans in the night session while wheat drifted…
Grains trade higher after the holiday weekend. Grain futures opened higher Monday evening on the dry weather forecast for Argentina and some light frost on Saturday. The frost event was not widespread, as most temperatures were just down to 2°C while the dip below zero was in low-lying areas. Nevertheless, the lack of rain in…
A quiet overnight grain trade before the holiday weekend. The Ag markets will be closed on Monday for Presidents Day. South American markets will also be closed nest week Monday and Tuesday for their Carnival Holiday. That will limit cash sales next week during a time when Brazil is pushing offers in soybeans, meal and…