Soybeans
Spec trade: Sell a Jan Bean at the MKT, 1394 last with a 1411 stop.
Wheat
Spec trade: Take profits on long December wheat at 859.
Morning Update 10/27/22
Wheat leads the overnight grain advance. Grain futures are higher overnight, led by the wheat market, as concerns about the extension of the Black Sea corridor. Russia’s state Duma stated, “it does not consider it expedient to extend the grain deal without more closely monitoring the destination of Ukraine’s grain shipments.” Russia’s primary issue is…
Morning Update 10/26/22
The US dollar extends its correction. Follow-through weakness on the US dollar overnight to critical support lifted ags, energies, and metals overnight, with soybeans getting the best of it as rains in the southern portion of Argentina were welcomed. Still, the northern producing areas were left arid and look to stay that week for the…
Morning Update 10/25/22
Turnaround -Tuesday is elusive. Grain futures tried a minor Turnaround-Tuesday on the evening start, but that quickly gave way to further liquidation selling as risk-off became the theme for metals, energies, and equities overnight. Large-scale speculative investment interest remains absent as the Chinese yuan drifts to a 15-year low to the dollar. Yesterday’s progress reports…
Morning Update 10/24/22
Grain prices trend lower Sunday night to start the week. Grain futures opened soft Sunday evening and stayed that way throughout the night as the US dollar firmed off trendline support that was challenged on Friday and an overall lack of any new supply threats. Soybeans had double-digit losses as Pres. Xi of China was…
Cattle On Feed
Cattle On Feed On Feed: 99% vs 99.1% estimate Placed: 96% vs 96.4% estimate Marketed: 104% vs 104% estimate Cattle on Feed report is neutral.
Morning Update 10/21/22
Harvest pressure and strength in the US dollar weaken the grain trade overnight. Grain futures are lower to sharply lower across the board this morning, as yesterday’s short covering run in soybean meal along with the four-day rush to the upside in soybean oil came to an end with less than spectacular technical closes Thursday….
Morning Update 10/20/22
Grain prices recover from oversold conditions. Wheat prices gained a dime overnight as Argentina Rosario GRAIN Exchange trimmed the wheat crop by another 1 MMTs to 15 MMTs. The USDA has Argentina projected at 17.5. This will likely reduce their exports to 9.0-9.5 MMTs which should be the lowest since 2014. Meanwhile, further rainfall impacts…
Sell Hogs
Spec trade: Sell a December hog at 86.95 GTC with an 89.20 stop.