The morning grain trade is the reverse of yesterday’s closes. Another mixed morning trade, as yesterday’s wheat strength is challenged today, while soybean weakness has found new buying interest. The wheat trade is soft ahead of a GASC tender for May wheat that may likely get cancelled. Egypt is seeking Russian wheat, but Russian FOB…
The week trade ignores Turnaround-Tuesday in early trade. World wheat markets continue to rise, adding risk premium as the Russian war intensifies. Spot Russian cash markets are stable at $5.53/bu. Short covering continues as it is seasonally difficult to be bearish wheat futures and cash prices in early/mid-spring. Key week’s news ahead includes Ukraine targeting…
Morning Update This morning’s grain trade has wheat showing an advance, while corn is mixed, and soybeans have turned softer from what was initially higher starting Sunday night. Wheat trade found buying interest as black sea fob prices as newswires reported that Russian drones a missile attack damages on the Odessa and export facilities could…
NOPA crush numbers out today at 11:00 a.m. Today’s early morning grain trade is mixed with the row crops drifting while world wheat values debate when China is repurchasing its recent cancellations as they will need to be rolled forward. In the end, China is required, due to entering the WTO, to purchase almost 10…
China continues to cancel wheat purchases around the world. Wheat futures are softer today as China continues its cancellation tour of wheat purchases. Yesterday, they canceled French wheat; today, they have canceled 1 MMT of Aussie wheat. These cancellations occurred in tandem with US SRW wheat purchase cancellations of at least 500,000 MT late last…
CONAB and WASDE data at odds. After a second day of strength on Tuesday for the grain trade, midweek Wednesday brings about a softening and profit-taking. Yesterday, May soy oil was able to close above the 50-day moving average for the first time since mid-September 2023. Meanwhile, May corn futures are just under the 50-day…
CONAB reduces crop sizes for Brazil. Turnaround Tuesday materialized overnight as a grain trade softened from Monday’s strong gains. Meanwhile, soybeans firmed up after 7:00 a.m. as CONAB released their crop yield data, which came in lower than last month as expected. The bean production was at 146.858, down from February’s data of 149.403 MMTs….
Sunday night’s early strength gives way to profit-taking. This morning’s grain trade is lower in corrective mode after a higher start Sunday evening on follow-through buying from the reversal seen to the upside after the WASDE crop report. On Friday, grain prices failed to respond negatively to the USDA’s lack of crop production to Brazil’s…
USDA Report 3/8/24 Brazilian yields have not been lowered as much as expected by the USDA, yet the market reacts subdued and not negatively. Trade awaits CONAB numbers on March 12th.