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…
China softens some Covid policies, and OPEC leaves oil production unchanged. Grain futures are firmer for corn and wheat, while soybeans enjoyed a second day relief rally from last week’s heavy selling. China relaxing some of its zero-tolerance Covid restrictions contributed to the crude oil rally overnight (OPEC left production unchanged) and general optimism about…
Spec trade: Sell a January soybean meal at 421.8 OB with a 431.5 stop
Grain futures continued to make new weekly lows overnight. Grain futures moved lower overnight, with wheat and corn pacing the declines, as they did not suffer the damage that soybeans did on Thursday. Soybean oil is sharply lower again today, lower by over two cents a pound, as trading limits have been now moved to…
Soybeans press new November highs. The grain trade is higher to sharply higher today, led mainly by the soybean market, which is following the crude oil market higher on news that Chinese health officials are softening their approach towards the Omicron variant, which is causing fewer deaths and less severe sicknesses than the original Covid…
A mixed start this morning with no Turn-around Tuesday yet. The grain trade is mixed this morning as wheat continues its weak stance into first notice day Wednesday. At the same time, soybeans furthered their advance overnight following the crude oil rally and concerning heat that builds in early December for Argentina. Malaysian palm oil…
A lower grain trade greets the start of the week. Grain futures opened lower overnight and traded sharply lower as crude oil tumbled to fresh 2022 lows on growing Covid lockdowns in China, with soybeans also finding selling pressure from Argentina announcing (rumored late last week) their improved conversion of pesos for US dollars through…
Grains struggle ahead of last trading trading day before Thanksgiving. Grain futures put in a directionless night, crossing unchanged several times while ending mostly softer at the end of the morning session. The export sales data that we would normally see Thursday morning is delayed until Friday, and the December options expire on Friday’s close….
Grains recover on Turn-around Tuesday Turn-around Tuesday is in full force today, with metals and energies in recovery mode, supporting grain, after yesterday’s climactic false rumor of a 500,000 BPD increase in oil from OPEC was rejected midday by an OPEC minister, creating a dramatic decline and reversal on Monday that had seen grains plummet…