Row crops lead overnight strength, wheat softens. A light turnaround Tuesday tried to develop in the overnight trade, as wheat futures sagged while French milling wheat corrected recent sharp strength. Low test weights that are not reaching milling standards have likely helped forge a bottom in the French milling wheat contract and likely US wheat…
The overnight grain trade opened and remained firm. This morning’s grain trade is mostly higher, with soybeans leading the advance with Pres. Biden is backing out of the presidential race, and the prospects of a different Pres/VP pick in the Chicago convention in August open up a new element. Traders are wondering if China may…
Cattle On Feed On Feed: 101% vs 101.1% estimatePlaced: 93% vs 97.2% estimateMarketed: 91% vs 91.7% estimate Report is friendly feeder cattle and slightly negative to front live cattle to pre-report estimates. Marketing was the second lowest for June since the series began in 1996.
French Milling Wheat surges $5.50/MT overnight. This morning’s grain trade is higher again, led by wheat. French and German wheat quality concerns helped push French milling wheat higher by $5.50/metric ton. There are widespread reports that recently harvested French and German wheat is not meeting milling specifications. The EU farmers are enduring sharp cash price…
Spring wheat leads overnight grain strength, soybeans soft. Grain futures are mixed this morning, with the wheat trade firmer. Spring wheat held the best gains yesterday/overnight on drying in the Canadian prairies. Soybean prices pushed lower overnight as VP nominee JD Vance, at the Milwaukee convention, chastised the Biden Administration for supporting permanent normal trade…
The grain trade finds further buying since Monday’s heavy selling. Grain futures are finding continuing strength this morning after Monday’s washout. The US dollar has slid well below 104.00 (currently 103.43), breaking weekly continuation support, causing the massive short position to think about the prospects that exports could be improving. The recent excessive price slide…
Turn-around Tuesday tries to get underway overnight. The grain trade is mixed this morning as Turnaround-Tuesday began from the opening. Crop ratings remained unchanged rather than higher, as the market had expected. The yield potential for the Midwest did brighten because of Hurricane Beryl last week, but the duration of coming dryness across the Plains…
Grain prices softened on a likely Pres. Trump victory. Grain futures opened mixed and then quickly turned lower due to unfavorable weather and a steady dollar following Saturday’s attempted assassination of Pres. Trump. Algorithm trading systems kicked in high gear, selling on the precipice of a likely presidential Trump win. Algos are preemptive selling that…
USDA Report 7/12/24 Data was friendly corn and soybeans Bearish wheat, USDA lowered the 2023 corn carry out by 159 million bu. and they raised both export and feed usage each by 75 mil bu.
USDA July crop report out at 11:00 a.m. Grain prices are softer ahead of today’s USDA July Crop Report as the market is planning forward and fully expecting larger stocks data on the enlarged corn area in higher corn and wheat stocks already applied in the June 28 report. If the data is neutral, this…
