Soybean prices make new contract highs overnight before retreating. Grain futures had a mostly lower session overnight, but soybean prices broke to new contract highs in the early morning hours, taking out the March 2022 contract high made early last June at 10.45. World Palm oil prices moved to new record highs as the Indonesian…
Wheat values spill into correction after $1.00+ advance. Wheat futures spilled into a correction overnight on de-escalating tensions between Ukraine/Russia. At the same time, soybeans found renewed buying overnight on rumored Chinese buying with their Lunar New Year holiday starting this coming Monday. Asia and China are likely forward buying ahead of their holiday because…
Wheat leads the overnight price strength. Wheat futures are higher again this morning, as corn and soybeans follow. Tensions remain elevated over the Ukraine/Russian concerns, with Russia demanding assurances that Ukraine does not join NATO. In addition, the US put 8500 troops on alert for ready deployment to Eastern Europe in case of any escalation….
Spec Trade: Buy 2 March Mini-beans at the MKT, 1393 last with a 1367 stop.
Black Sea tensions on the front burner. Grain futures opened firm to sharply higher overnight, on rising political tensions in the Black Sea region between Russia/Ukraine and South American corn and soybean crop estimates which are in decline. Price weakness returned to row crops overnight with macro risk-off selling continuing in the stock equity markets…
Cattle On Feed 1/21/22 On Feed: 101% vs 99.7% estimatePlaced: 106% vs 101.8% estimateMarketed: 100% vs 100.9% estimate Report is bearish to pre-report estimates, expect a lower opening on Monday of 1.00 or more.
Equity and energy markets pull prices lower. Grain futures were lower overnight, succumbing to the large selloff in equity markets and energy futures that tumbled late Thursday into Thursday evening. The heavy selling affected the grain complex which trades 10% of the volume per hour versus day session, making it easy to setback. However, recovery…
The two-day wheat rally pauses. Grain futures are mixed this morning after the wheat’s sharp Tuesday/Wednesday rally, with wheat pricing stalling and soybeans firmer. The markets are digesting the logistics of a potential reduction in wheat and corn exports out of Ukraine if military action was to commence. There is also the likelihood that this…