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…
Wheat leads overnight gains after a potential double bottom. Grain prices are in firm short-covering mode ahead of Wednesday’s WASDE July crop report. It seems as important as Friday’s USDA numbers will be the CFTC commitment of traders report after the close. After the recent sharp decline, managed money now holds a record short corn…
Wheat softens, while beans recover from a new contract low. It’s another mixed morning, with wheat softer while beans find minor short covering. Speculative selling on the recent rain across the Delta and E Midwest from the remnants of Hurricane Beryl has improved the prospects of corn and soybean yield potential. Soybeans and soymeal hit…
Turn-around Tuesday is having a slow start. A mixed trade this morning with corn and wheat finding penny gains. Yesterday’s release of the “commitment of traders” report showed funds holding a near-record short position of 333,000 contracts as of last Tuesday. It’s possible that after yesterday’s action, they are at 350,000 contracts, which means the…
The grain trade is retreating from last week’s strength. After putting on gains last week across the board, the grain trade is in a sharp retreat to restart the four-week trading. The remnants of Hurricane Beryl are passing to the Delta and Eastern Midwest, providing renewed pressure. Also, the EU model weather forecast has less…
Wheat looks to provide morning strength. Grain futures look for a split opening this morning with wheat called 3-5 cents higher on two-day strength for French milling wheat while corn is mixed and soybeans steady-3 cents lower. Declining world production is meeting US crop improved weather. Rain fell across the E Midwest over the July…
