Grains are mixed after a mostly firm night session. Grains are mostly higher overnight, with hard wheat the leader, while soybeans found a new recovery high before retreating in the morning. Export sales were considered as expected from estimates this morning. Mexico was a featured buyer of corn, with China being the future buyer of…
Argentina is building new concerns for production. Grains are higher this morning as the recovery in price that got underway late last week continues to prompt short covering from the massive fund position that has been built up with the deflationary bias. Concerns continue to build that Argentina has remained dry since the first year and…
Grains turn mixed after a firm Sunday evening start. Grain futures opened firm Sunday evening, but those gains faded as the evening session wore on. The lack of fresh speculative interest in low-volume trade allowed the index funds shorts to reassert their pressure easily. The Commitment of Traders Report on Friday showed managed money sold…
Today’s grain close has the potential for a weekly reversal on price charts. Overnight, the grain trade followed global markets firmer as a risk-on mentality was put in place. After making new winter lows this week, corn, soybeans, and wheat appear to be set to make chart-based lows, with the potential to close unchanged with…
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Cattle On Feed 1/19/24 On Feed: 102% vs 102.1% estimatePlaced: 96% vs 95.4% estimateMarketed: 99% vs 99.3% estimate The report was neutral compared to pre-report estimates.
The overnight price strength turned mixed by morning. The overnight trade was mixed, with wheat again being the softer leg this morning, while soybeans maintained a small, short-covering gain. Any fresh news to reverse the trend is lacking, so short-covering bounces are just bouncing blips for now. USDA Weekly Export Sales are delayed until tomorrow…
The grain trade worked lower after early evening strength. This morning’s grain trade is lower as the retreat continues from yesterday morning’s price lift, and corn/wheat/beans search for a tradable bottom. Wheat prices had firmed initially overnight on an Egyptian wheat tender awaiting results, but it’s anticipated that one cargo of Ukrainian wheat will be…
This morning, a mostly higher grain trade after Friday’s bearish January Crop Report. Grain prices firmed overnight, in recovery from Friday’s bearish USDA crop report. Despite regional difficulties, the USDA produced a record corn yield of 177.3 BPA, which was still below trendline capabilities. Corn carryout was lifted to 15,342 Mil Bu. Soybeans also had…
USDA Report 1/12/24 Yield and stock data bearish for corn and soybeans, wheat acreage number was friendly to price.
