Today’s grain close has the potential for a weekly reversal on price charts. Overnight, the grain trade followed global markets firmer as a risk-on mentality was put in place. After making new winter lows this week, corn, soybeans, and wheat appear to be set to make chart-based lows, with the potential to close unchanged with…
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Cattle On Feed 1/19/24 On Feed: 102% vs 102.1% estimatePlaced: 96% vs 95.4% estimateMarketed: 99% vs 99.3% estimate The report was neutral compared to pre-report estimates.
The overnight price strength turned mixed by morning. The overnight trade was mixed, with wheat again being the softer leg this morning, while soybeans maintained a small, short-covering gain. Any fresh news to reverse the trend is lacking, so short-covering bounces are just bouncing blips for now. USDA Weekly Export Sales are delayed until tomorrow…
The grain trade worked lower after early evening strength. This morning’s grain trade is lower as the retreat continues from yesterday morning’s price lift, and corn/wheat/beans search for a tradable bottom. Wheat prices had firmed initially overnight on an Egyptian wheat tender awaiting results, but it’s anticipated that one cargo of Ukrainian wheat will be…
This morning, a mostly higher grain trade after Friday’s bearish January Crop Report. Grain prices firmed overnight, in recovery from Friday’s bearish USDA crop report. Despite regional difficulties, the USDA produced a record corn yield of 177.3 BPA, which was still below trendline capabilities. Corn carryout was lifted to 15,342 Mil Bu. Soybeans also had…
USDA Report 1/12/24 Yield and stock data bearish for corn and soybeans, wheat acreage number was friendly to price.
A higher grain trade heading into the January Crop Report. Grain futures are higher the morning of the January WASDE crop report as tensions build in the Middle East, with crude oil bolting overnight as much as $3.00 as the US/UK attack Houthi Rebels with a large force presence. Rebel Houthi forces vow additional terror…
A mixed grain trade after morning export sales. Row crop prices firmed overnight on short covering, as no new discernible news was prevalent. Wheat prices gave up overnight strength when French milling wheat opened in midmorning trade and softened $1.00 MT. Export sales data this morning revealed a slow pace to the start of new…
A soft trade meets the morning session. The grain trade is starting out softer this morning, with wheat having corrected partially fronts strong recovery pricing yesterday. Yesterday afternoon NASS engaged in its housecleaning of the past five years on its data and made modest adjustments despite a slew of US and state estimates. Even though…
