USDA crop report releases at 11am today. Estimates for today’s crop report are showing the USDA cutting its 2022/202 corn exports by 20-25 million bushels and raising soybean exports while wheat numbers stay unchanged. USDA estimated the Argentine soybean crop at 41 MMTs last month, now the market is estimating a number closer to 36.5…
Argentine crop estimates keep falling. Private Argentine corn and soybean crop estimates continue to be cut due to the drought turning out to be one of the worst in 60 years. We are seeing a soybean decline to 28-30 MMTs and corn decline to 36-39 MMTs. With the ongoing hot weather and dry February, they…
Wheat leads overnight price decline. We are seeing wheat prices at their lowest spot contract levels since 2021. All eyes will be on the crop report on Wednesday as that has the potential to bring support into this market for corn and beans with USDA and other private analytical firms are looking to slash Argentina’s…
Grains continue the recovery for mid-week lows. Grain futures were firmer overnight, with Chicago wheat weaker than the other wheat exchanges, as 704 contracts were delivered, with only 90 contracts for Kansas City wheat. Grain prices put in a low “last day of the month/1st day of the month” and are recovering as Argentina, and…
China may have bought grain, and Russia grumbles. Grain futures firmed overnight as Russia is now talking a little smack as they are creating a hurdle to extend the Black Sea Corridor amid the recent US/EU sanctions impacting their financing/insurance and Azov Sea grain transportation. Russia states that the new economic sanctions encumber their grain/fertilizer…
Spec trade: Lower stop on May corn to 634.4 and June hog stop to 100.65. May corn futures should find support above the December low ahead of the start of negotiations for the Safe Grain Corridor late this week, as Russia will probably have an ax to grind on the new sanctions started last Thursday….
Soybeans hit with deliveries Grain futures are lower across the board this morning, with soybeans tumbling from the start as deliveries as 411 contracts were tendered against the March contract from Cargill. In addition, there were 8 contracts of soybean oil and 352 contracts of corn. Kansas City wheat found 245 contracts delivered, with 911…
Some rains arrive in the Western HRW wheat belt. The grain trade is mixed this morning, with soybeans finding buying interest on continued forecasts of heat and dryness over the next 10 days as the Argentine crops push quickly to maturity for their final yield. Wheat pressed lower overnight, with Kansas City and Chicago rechallenging…