Short covering develops in soybeans overnight. A mixed grain trade this morning with soybeans higher after making another new contract low last night near 955 on the November contract. Short covering is the order of business and soybeans, with the resistance encountered at 977-980 and then more significantly near 10.00. The soybean balance sheet is…
Soybeans push another new contract low overnight. Today’s grain trade is softer for corn, with soybeans continuing to make new lows after yesterday’s August crop production WASDE report. The NASS substantially defined US 2024 corn, wheat, and soybean planted/harvested area including the FSA Farm Program participation data. Some still anticipate more cuts for corn of…
USDA Report 8/12/24 Report was bearish soybeans not only on yield but on the increase of harvested acres by just over 1 million acres meanwhile the all wheat production number came in friendly because of Spring Wheat.
August crop production and WASDE report out at 11:00 a.m. This morning’s grain trade is lower across the board as the trade awaits what should be record US corn and soybean yields in today’s NASS crop report. The yield guess for corn is 182.1 BPA, and for soybeans, 52.5 BPA. These are based on producer…
Wheat futures are trading at a three-week high. Grain futures are firmer this morning, led by double-digit gains in the wheat market. The French Ag Minister reduced their 2024 French wheat crop estimate to 26.3 MMT, down 25% from last year and the smallest French wheat harvest since 1986. Private French wheat crop estimates have…
Wheat firms again on Egyptian export hopes. This morning’s grain trade is mostly firm, with wheat experiencing the best buying interest. Wheat is awaiting the Egyptian wheat tender on Monday for 3.8 MMT of wheat, which provides for October-April delivery. Soybeans and corn are more subdued as they await Monday’s WASDE crop report, anticipating record…
Wheat awaits Egyptian wheat tender while row crops soften. A mixed grain trade this morning with wheat firm, awaiting results of the Egyptian wheat tender. Corn and soybeans are softer on the cooler Central US forecast. The stock market is on the amends again today, allowing for the second day of index funds that do…
Turn-around Tuesday puts grains in retreat. Grain futures are lower this morning, led by soybeans, as stable crop ratings for corn and soybeans had the market refocusing back on record large yield potential. The rally in recent days has been on managed money short covering amid heavy losses in the stock market, forcing some managed…
World financial markets have created a universal risk-off day. This morning’s grain trade is lower after a firmer start overnight. The weakness in the Asian markets has caused Dow futures to go down over 1100 points this morning, causing large risk aversion due to financial market volatility. The Japanese carry trade is in complete unwind,…
Soybeans are firmer on further hints of Chinese buying interest. This morning, we have a mixed to higher grain trade, with soybeans leading the strength. Rumors abound that China is again in the marketplace for beans ahead of the WASDE August 12 crop report. Yesterday, StoneX released the first, with its corn yield at 182.3…
