European wheat values drag US values lower. Grain futures are lower across the board today as yesterday’s failure to maintain the early-day strength is bringing back trend selling that was prevalent in corn and wheat the prior week. French milling wheat is sharply lower again this morning by $3.50/ton and made a new spot low…
CPI release produces friendly market conditions. Grain prices were firmer overnight as soybeans kick in a turn-around Tuesday on a drier/warmer forecast prevailing for Argentina after welcomed weekend rains. Wheat prices continued their advance as massive short positions continued to get lightened up ahead of the holiday season by the index funds. It’s also time…
Wheat/corn higher on Odessa, beans lower on rain. The grain trade opened firmer last night for corn and wheat, while soybeans opened steady and then quickly imploded on afternoon rains for eastern Argentina (in Santa Fe and Entre Rios), producing totals of .5-2.00”. Corn and wheat moved higher on the heavy Russian attacks on the…
USDA Report Report was friendly beans and wheat on the carryout, slightly negative for corn.
Spec trade: Buy a March soybean oil at the MKT, 59.98 last with a 57.75 stop.
WASDE crop report at 11:00 Grain futures were firmer overnight ahead of the USDA WASDE crop report at 11:00 a.m. CT today. Prices softened after the release of the PPI data at 7:30 a.m. as we saw a price rise slightly more than the estimates indicated, lifting the US dollar. Weather forecasts for Argentina maintain…
Soybeans push a new fall high overnight. The grain trade had follow-through buying overnight, with short covering for corn and wheat while soybeans were able to push another new fall high. CONAB (Brazil’s version of the USDA) estimated their 2023 Brazilian soybean crop at 153.5 MMTs, which was down slightly from their November estimate as…
Argentine weather remains a concern. Soybeans and wheat futures were higher overnight, with corn near steady as the trade focuses on the estimates coming out for Friday’s USDA crop report. It’s highly anticipated in the estimates that WASDE will cut corn exports in a range near 100 Mil Bu while soybeans could be cut by…
Turn-around Tuesday challenges the downtrend. Grain prices went into recovery mode overnight, in a consistent Turn-around Tuesday fashion. Soybeans took the lead to the upside as soybean oil stabilized and soybean meal continued its advance on the spread unwinding. Further adding to the soybean price lift is that the EU, GFS, and Canadian weather models…