Bean oil values lift grain complex on Indonesian palm oil ban. Grain futures were universally lower across the board at 5:30 a.m. this morning until it was announced that Indonesia would be banning Palm oil exports as of April 28. The explosion of Being oil over four cents a pound off of morning lows lifted…
Soybeans Grain prices soften on light export sales data. Grain futures are softer today, taking a break from the heavy fund inflows on Monday, along with option-related short-covering Tuesday and Wednesday on the May corn and soybean contracts. It’s a strong cash market with the sellers abandoning their short positions in call options, with options…
Soybeans price recovery highs overnight. Grain futures are mostly higher this morning, with soybeans the strongest in the spot May contract. China continues seeking US soybeans, with average daily announcements of over 120,000 MTs. Tightening exporter supplies have corn and beans stalling and what are still decade highs. An improving two-week Central US weather forecast…
Turn-around-Tuesday corrects 3-day weekend pinch gains. Grain futures dutifully opened higher last night and traded firm, with corn making new contract highs on the slow start of the planting progress reports, and wheat futures challenged Monday’s high, with only Kansas City briefly breaching Monday’s high. The stage was set as we discussed in Monday’s newsletter…
Spot corn overnight trades at $8.00. Grain futures pushed higher overnight, with spot corn trading at $8.00 for the first time in a decade, while wheat futures recovered Friday’s losses as Sunday evenings weather models pulled needed southern plains rains that had been forecasted. Also, dryness in the Brazilian winter corn areas is becoming pronounced…
Last day of trade ahead of 3-Day Easter weekend. Corn and soybean futures are higher this morning, while wheat futures turned mixed after a firm evening session. Minneapolis new crop September wheat made new contract highs again overnight for the fourth day this week, as the new moisture in the Northern Plains has the already…
Spec trade: Buy 2 July mini-beans at the MKT, 1660 last with a 1625 stop. Trade consolidation is setting up for a push to 1740-1760.
Grain values retreat overnight. Grain futures are lower in the typical mid-week slump as the market starts prepping for the upcoming three-day weekend with markets closed for Good Friday for Easter weekend. News is becoming stagnant, with a wet Midwest, dry HRW wheat plains, and the war continues in Ukraine as well-known topics that have…