Wheat firms slightly on Ukraine corridor closing. Grain prices firmed up overnight, but nothing too exciting. According to Kyiv-based consultancy Barva, Ukraine suspended the use of the new Black Sea corridor due to military risks. Pres. Putin ordered the Russian military to patrol the Black Sea, but it was not until recent days that Ukraine…
Mixed grain trade overnight. This morning’s grain trade is softer after soybeans had seen overnight follow-through buying, with meal pushing to shy of the 440/ton price range before retreating in the early morning hours. US export demand and strong physical disappearance will continue into early spring, as Argentina is not exporting meal anymore until next…
The start of Turn-around Tuesday has beans firming. Wheat and corn are finding selling pressure overnight, while soybeans find stability after a 50% correction of last week’s gains. Crop Progress showed that the US corn harvest is 59% complete and the soybean harvest 76% complete. Brazil’s planting progress shows 60% planted in Matto Grosso versus…
Soybeans and corn continue to drift from last week’s gains. Corn and soybean prices are softer this morning, with soybeans leading the larger decline after being the biggest gainer last week. Argentine’s presidential election featured a win for the Peronist party, with their economic minister Sergio Masa capturing 36.6% of the vote and the right-wing…
Cattle On Feed 10/20/23 On Feed: 101% vs 99.7% estimatePlaced: 106% vs 100.8% estimateMarketed: 89% vs 90.3% estimate The report was slightly negative due to placement number.
Soybeans drift from the 200-day MA, but corn holds firm. This morning, grains are mixed with wheat, finding follow-through buying, with corn firm, while soybeans drift slightly from the 200-day MA. The focus this weekend for soybeans, besides the ongoing Middle East tensions and concerns that a broader area of the Middle East could be…
Spec trade: Day order, sell a Nov bean at 1315.4 with the 1324 stop. Take profits at 1302. Soybeans should initially struggle to advance beyond the confluence of the 100-day and 200-day MA currently at 1318, and find a correction.
Grain pricing overnight produced a mixed result. Grain prices are coming in mixed this morning, with soybeans challenging the confluence of the 100-day and 200-day moving averages in the 1318-1320 range. Active bookings of soybean meal with Argentina are now out of the market until April, with US sourcing as the primary interest. US corn…
Grain prices universally moved higher overnight. Grain prices moved higher overnight, led by rising energy values and improving interior corn, soybean, and wheat bids at major market areas. Reduced barge freight has worked to trim US fob premiums, with US and Brazilian corn now offered at even money this morning. Argentine corn is no longer…