Call it a turn-around Tuesday overnight. Grains bounced overnight after being progressively sold throughout Monday’s session, reaching technically oversold values. Soybeans and soybean meal are becoming oversold with harvest pressure fading. Meanwhile, as of Sunday, the US corn harvest was reported at 81% complete versus 68% a year ago. The US soybean harvest is put…
A sharp break in crude oil overnight weekend grain prices. The reopening of the Sunday night markets had crude oil collapsing, dropping $4.50 overnight, as Israel had hit Iranian targets but did not harm any of the oil infrastructure. This had crude all incomplete premium liquidation, causing a sharply lower opening for soybeans, followed by…
Cattle On Feed On Feed: 100% vs 99.9% estimate Placed: 105% vs 103.8% estimate Marketed: 105% vs 105.2% estimate Report mostly neutral to pre-report estimates with placements slightly negative being 1.5% higher than the pre-report estimates.
This latest rally is demand driven from good exports sales reducing our carryout and easing harvest pressure around the US. As the market looks forward to election time, we will start to see a shift in prices as the political risk increases. First notice day for Nov beans is next Thursday with open interest still…
Grains Due For A Stall Presented by Heartland Investor Capital Management Inc. CTA https://vimeo.com/1023268246/e3c38cf686?share=copy Corn: Prices neared resistance at 422-423 with steady upward momentum.Exceeded average export expectations; demand from Japan and other buyers provided support.Further price gains could face resistance at the 144-day and 200-day moving averages. Soybeans: November soybeans hit the 100-day moving average…
US weekly export sales entice short covering in grains and improve basis around the US. Thursday’s weekly export sales ending October 17th announced corn at 141.8 MB for old crop and 22.9 MB for new crop year. Soybeans at 79.1 MB and wheat at 19.6 MB. Mexico was the featured buyer of corn last week…
Risk-off affects markets overnight, with the US dollar being higher. This morning’s grain trade is softer, led by the wheat market, as risk-off has hit the marketplace. The US dollar pushed above 104.00 overnight, forcing a correction in the metals, energies, and indexes. It’s estimated that index funds purchase 27,000 contracts of corn and 15,000…
Is The Trump Trade a Fools Trade? Presented by Heartland Investor Capital Management Inc. CTA https://vimeo.com/1022262463/9a5fc81a07?share=copy Corn: Exports: 360,000 metric tons of corn sold to Mexico, driving a rally.Bull spreads performed well in the market.Corn is 65% harvested, with dry weather supporting progress. Soybeans: Soybean exports could rise if China ramps up purchases later this…
A mixed trade for grains to start Tuesday. This morning’s grain trade is softer, led by wheat, as row crops had traded both sides unchanged throughout the night. With a lack of fresh news after the Chinese interest rate reduction on Sunday night, which takes time to take effect, the trade is now floundering. Support,…
China lowered its prime lending rate by .25% overnight. Grains started softer in the Sunday night session but firmed overnight as the Peoples Bank of China lowered its prime lending rate by .25% to 3.1% for a one-year loan and 3.6% for a five-year loan. This overnight boosted gold, silver, and crude oil as the…