OPEC+ cuts oil production on May 1. Grain prices opened higher and advanced on positive technical considerations from Friday’s closes and the addition of OPEC announcing it was slashing production by 1.6 Mil barrels/day starting May 1 and running through 2023. Bullish sentiment continues due to the cut in stocks that were more than expected…
Attention Cattle Guys! Are you looking to protect your investment in the cattle market? You should look into Livestock Risk Protection (LRP) insurance. With the changes made in the last few years to the LRP policies, it’s the perfect time to take advantage of this government subsidized risk management tool. Policy holders now have more…
Stocks and Acreage Report 3/31/23 Stocks were friendly. Corn and wheat acreage was slightly negative while soybeans were friendly.
Argentine grain inspectors threatened strike. Grain trade firmed overnight as the ongoing weather models predict blizzard-like conditions in the Northern Plains through the first week of April, along with the uncertainty of the upcoming seeding date on Friday taking a nervous tone. Also, Argentine grain inspectors are demanding higher wages and are set to strike…
Cargill pulls operations out of Russia. Another mixed-price evening turned into a firm morning, with wheat prices sharply higher again. Adverse weather that is inflicting the Plains, along with the never-ending Northern Plains winter, has caught a bid this week. Cargill announced it would be leaving the Russian ag export space this morning. While it’s…
Wheat and beans turn higher in the early morning trade. After a mixed overnight session, the grain trade firmed in the early morning hours as French milling wheat recovered its losses. Malaysian palm oil futures rallied 129 ringgits, and Dalian soymeal in China was up $5/MT. Turkey purchased 535,000 MTs of Russian-origin wheat at $297-307/MT,…
Spec trade: Place an order to short a May bean at 1444.4 with a 1462 stop.
Grain futures have a mixed start for the week. The overnight grain trade featured soybeans higher while grains were softer. Short covering continued from late Friday into the overnight as it was revealed funds likely liquidated some 40,000 soybean contracts and 46,000 soybean meal longs. Corn and wheat failed to rally and build on Friday’s…
Wheat jumps on Russian wheat hold rumors This morning, grain prices are finding wheat sharply higher on a story out of Reuters that Russia is contemplating a halt of wheat and sunflower exports due to the recent price collapse. It’s a rumored story from a meeting with high-level members held in the Russian Ag ministry….