The grain trade is higher this morning, awaiting if Turn-around Tuesday can occur. This morning’s grain trade is mostly higher, with soybeans at $0.11-.12 higher on recovering from extreme oversold conditions. Monday’s washout with a chart formation called outside day higher on corn is inspiring to retain strength. Turnaround Tuesday has his work cut out…
The grain trade endured new lows overnight after a Sunday night firm start. The grain trade started out firm overnight but drifted lower by the early morning hours, with soybeans finding support six cents lower in the session and closing a few pennies higher. Cash contract liquidation and early this week on Hedge to Arrive…
Cattle On Feed 2/23/24 On Feed: 100% vs 100.1% estimate Placed: 93% vs 88.4% estimate Marketed: 100% vs 99.8% estimate The placement number is negative to pre-report estimates, Feeders $1.00-1.50 lower on Monday. Reminder LRP can be purchased off of todays action until 8:25 am Saturday morning.
The wheat market is trying to retain the early week reversal higher. The grain trade is firm on the wheat this morning with follow-through from the early week reversing action, while corn is steady, and soybeans went to a new contract low. Export sales this morning were poor, as expected, with soybeans only reported at…
The overnight trade finds wheat adding to the early week price reversal. Grain prices are mostly higher this morning, with soybeans giving up overnight strength. Weakness in the US dollar, as the Japanese stock market scores new highs overnight and exceeded its 1989 peak, has the dollar back under 104.00. They are adding incentives for…
The grain trade softened from yesterday’s gains. Turnaround Tuesday (delayed due to the Monday holiday) got underway from the opening of last night’s session, with the grain trade staying weak throughout the night. The Biden administration is promising new economic sanctions against Russia on Friday, and the trade is unsure whether it’ll alter existing banking…
The grain trade starts the week firm after a 3-day weekend. This morning’s grain trade is firmer across the board as the Chinese have returned from holiday and are actively pursuing Brazilian soybeans. Brazil’s cash basis is now firmed even further from last week, with premiums rising by $0.50 during harvest. On Saturday, navigation on…
Grains slightly soft going into the 3 day weekend It’s president’s day on Monday which means markets will be closed on Monday the 19th. We could see some short covering going into this 3 day weekend from the bears and give a little push higher in grains to end the week. All grains have seen…
The USDA Outlook Forum has been released. This morning’s grain trade is universally lower across the board with wheat prices again leading the decline. The USDA Outlook Forum released its results already this morning. They reported for production 91 million corn acres (91.8 expected), 87.5 million soybean acres (86.5 expected), 47 million wheat acres (47.5…
The grains soften ahead of the USDA Outlook Forum. Grain futures are lower this morning, with corn eking out another new contract low, while soybeans pressed recent support at 1180 but found support just under that value. Meanwhile, wheat again retreats, with the hard wheat making new contract lows as the Chicago wheat spread maintains…
