Crude oil continues its aggressive liquidation overnight. Grain futures experienced a higher wheat trade overnight, while corn and soybeans moved lower, following the declining crude oil as further liquidation was prevalent there. China announced a lock-down of 51 million citizens due to a fresh outbreak of Covid in a region, sparking fears of slowing use….
Commodities again turn lower overnight on truce hopes. It was a headline evening for grain futures. A higher opening was inspired by Argentina working to limit exports, which had soybeans again challenging 17.00 and failing along with corn which had also bounced to a new recovery price high of 767.4, before also declining sharply overnight….
Spec trade: Buy a second May mini-wheat at 1037 with a 935 stop on both positions.
Commodities lower as Putin comments of positive truce developments. Grain futures gave up overnight gains and moved lower in the early morning hours along with crude oil and metals from comments that Putin stated there was a positive shift in cease-fire talks with Ukraine without being specific. Reuters broke this story in the early morning…
Spec Trade: Buy a May Mini-wheat at 1135 with no stop.
CONAB numbers out and Ukraine/Russia talks fail cease fire. Overnight, corn and soybean futures found end-user buying and were firmer awaiting this morning’s CONAB production numbers from Brazil. In contrast, wheat futures tumbled again initially, with the May Chicago wheat dropping nearly $1.00 before recovering in the early morning hours. The wheat recovery came on…
USDA crop report 3/9/22 All data considered neutral across the board.
March USDA Supply/Demand report out at 11:00 AM CT today. Today is the USDA supply/demand crop report at 11:00 a.m. CT with the grain market participants more focused on Brazil’s CONAB production number due out Thursday morning at 6:00 a.m. Today the street wants to see if the USDA will pick up the pace of…
May Chicago wheat finally traded overnight. May Chicago wheat futures had traded up the daily limit six days in a row, and on the seventh day, it rested, releasing the trapped shorts and creating a massive record volatile trading range of $1.61. It opened on the high tic and plummeted its range for the day…
Crude oil trades to $130.00 overnight and retreats. Oil futures exploded overnight to as high as $130.50/a barrel for spot WTI, while Brent crude traded as high as $139 before retreating on news that the US and other countries like Japan and Europe are contemplating banning imports of Russian energy. This is a nirvana scenario…