China continues to cancel wheat purchases around the world. Wheat futures are softer today as China continues its cancellation tour of wheat purchases. Yesterday, they canceled French wheat; today, they have canceled 1 MMT of Aussie wheat. These cancellations occurred in tandem with US SRW wheat purchase cancellations of at least 500,000 MT late last…
CONAB and WASDE data at odds. After a second day of strength on Tuesday for the grain trade, midweek Wednesday brings about a softening and profit-taking. Yesterday, May soy oil was able to close above the 50-day moving average for the first time since mid-September 2023. Meanwhile, May corn futures are just under the 50-day…
CONAB reduces crop sizes for Brazil. Turnaround Tuesday materialized overnight as a grain trade softened from Monday’s strong gains. Meanwhile, soybeans firmed up after 7:00 a.m. as CONAB released their crop yield data, which came in lower than last month as expected. The bean production was at 146.858, down from February’s data of 149.403 MMTs….
Sunday night’s early strength gives way to profit-taking. This morning’s grain trade is lower in corrective mode after a higher start Sunday evening on follow-through buying from the reversal seen to the upside after the WASDE crop report. On Friday, grain prices failed to respond negatively to the USDA’s lack of crop production to Brazil’s…
USDA Report 3/8/24 Brazilian yields have not been lowered as much as expected by the USDA, yet the market reacts subdued and not negatively. Trade awaits CONAB numbers on March 12th.
WASDE data out at 11:00 a.m. this morning. Overnight soybean trade was mostly higher, while corn was steady, but as morning hours arrived, prices softened. Recent strength is finding profit-taking and renewed selling after this week’s gains ahead of today’s WASDE crop report out at 11:00 a.m. CT. The South American crop sizes will be…
Corn is working on V bottom confirmation. Grain prices are on the hunt to the outside, with corn working to confirm a V bottom as it breached the 20-day MA for the first time in three months. Closing above 433 on Thursday and Friday is needed to confirm. Wheat is recovering from its heavy selling…
LRP Endorsement prices for 3/06/2024 Steers 600-1000 LBS
Wheat struggles as Black Sea values slip further. This morning’s grain trade is mixed, with soybean oil firmer as palm oil futures break out of a seven-month trading range to the upside. Meanwhile, spot Russian FOB offers fell below $200/MT, pressuring French milling wheat and US wheat values. With the recent break in wheat values,…
