Crop ratings slipped more than expected. Grain futures opened higher last night on worse than anticipated crop condition ratings, but row crop pricing went out near the lows of the night session at 7:45 AM. Wheat prices moved sharply higher overnight as it was reported that a critical dam in Ukraine that supplies water to…
Grains are firm but not sharply higher to start the week. Grains are firmer this morning, but well off overnight highs, as evening and morning weather models are slowly pulling moisture into the week 2 forecast for the Central and Eastern corn belt. Over the weekend, Russian media reported that the country’s Foreign Minister said…
Grain markets brace for another weather Monday. The grain trade this morning is mixed, heading into another weather weekend. July corn paces the weakness as basis levels started to diminish, as Brazilian corn values again reflect values considerably less once availability arrives in July. Midwest River and CIF corn bids yesterday fell $.02- 0.14/Bu as…
Grains react to shifting weather models. Grain futures are sharply higher this morning as the weather forecasts longer-term again continue to vacillate. In the Tuesday/Wednesday commentaries, we alluded to this that long-term weather models are typically prone to many revisions until they become more laser focused once they’re deeper inside the 6-10 day window. Weather…
Grains continue their price collapse overnight Grain futures are again sharply lower this morning as yesterday’s poor technical closes and lack of any concerning data audit of the crop progress and condition reports led to follow-through selling in the overnight. Prospects for rains to arrive in the dry Midwest area by June 12-15 continue to…
Grains starting off lower after the 3-day weekend. The futures market is having a tough time getting out of this bearish tone its been putting off. Technical selling and Russian based news seem to keep prices in check after a small rally. The market is telling us that as we seed into this dry May…
Weather dominates ahead of 3-day weekend. This morning’s grain trade is firm to sharply higher, as the forecast remains dry into June 10. The Midwest/Delta area lacks meaningful rain chances through June 7, adding market premium ahead of the three-day weekend. Also, Russian spring wheat weather forecasts remain dry as well, with no extreme heat…
The grain trade is mostly weaker this morning. This morning’s grain trade is weaker, with wheat leading the decline as the US dollar pushes above 104.00. Speak McCarthy has indicated talks with the Biden administration regarding the debt ceiling are progressing, and he’s confident they will find an agreement. This means some form of fiscal…
Wheat is softer this morning, while row crops are near steady Corn and soybean futures are mixed this morning after a weak overnight run, while wheat prices retreated from their two-day bounce, following French milling wheat back lower today as it gave up well over half of the gains experienced on Tuesday. Goldman Sachs has…