Author: Ivan

Spec trade: Buy 2 July Micro-crude oil at the MKT, 78.20 last with a 75.25 stop.

All grains were higher in the night session. Grain prices are higher across the board this morning after yesterday’s slump as Europe and South America return from their May Day Holiday. China is off through the rest of the week. Excessive wet weather in the Central US and far Southern Brazil is becoming concerning in…

Argentine port strike ended within two days which is typical Grain futures are mostly lower this morning but recovered from overnight weakness as Argentina ended its port strike. Union oilseed workers in Rosario ports lifted their strike, and operations resumed last night after Argentina’s government passed numerous reform bills that included labor law reforms. Support…

May deliveries pressure overnight grain trade. Grain futures are lower on larger than expected deliveries for May wheat, soybeans, and soy oil. Cargill registered 1,873 contracts of soy oil for delivery with a total of 2,101 contracts delivered, which is the largest in years. Bungee stopped 400 contracts, with ADM taking 146, while the remainder…

Soybeans lead overnight gains. This morning’s grain trade is mixed with soybeans, showing the most strength, while hard wheat is firm and soft wheat is lower. Wheat is drifting on the prospect of some needed rain potentially occurring across SW Russia but given the overbought nature of the wheat trade and its inability to weaken,…

Wheat maintains strength in the overnight session. Grain futures are mixed again this morning, with wheat pacing the advance while soybeans soften. Weakness in the wheat trade in the night session switched overnight despite some potential rain in Southwest Russia a week from now, as overnight rains for Kansas were missed, and there was renewed…

Hedge recommendation: Make a 25% old crop sale on KC July wheat at 645 and a 20% new crop sale on September at 658.  In Minneapolis wheat, make an old crop sale at 705 on the July contract and a 20% sale on the new crop against the September at 715.  If you have SRW…

Wheat maintains overnight strength. Grain prices are mixed after a volatile night session for wheat. Wheat is still firm this morning despite forecasts for needed rain to fall across Western Kansas this afternoon and into the weekend. The dryness in Russia is now moving northwards, with rains next week seen as light for the Southwest,…

Short covering remains the theme for the grain trade. This morning’s grain trade is mixed/firm, with corn and soybean futures remaining stout with yesterday’s advances. The shorts have a bid under the market despite showers falling across portions of W and C Kansas, with improved chances for Thursday. However, Russia is forecasted to stay dry…

Strong overnight grain trade softened by morning. Grain futures were pushed higher overnight, led by the wheat trade. The drop of 5% in the good/excellent category for wheat prompted buying interest, which had Chicago wheat pushing through the 100-day MA at 5.97 to a high of just over 6.00 before retreating in the early morning…