May deliveries pressure overnight grain trade. Grain futures are lower on larger than expected deliveries for May wheat, soybeans, and soy oil. Cargill registered 1,873 contracts of soy oil for delivery with a total of 2,101 contracts delivered, which is the largest in years. Bungee stopped 400 contracts, with ADM taking 146, while the remainder…
Soybeans lead overnight gains. This morning’s grain trade is mixed with soybeans, showing the most strength, while hard wheat is firm and soft wheat is lower. Wheat is drifting on the prospect of some needed rain potentially occurring across SW Russia but given the overbought nature of the wheat trade and its inability to weaken,…
Wheat maintains strength in the overnight session. Grain futures are mixed again this morning, with wheat pacing the advance while soybeans soften. Weakness in the wheat trade in the night session switched overnight despite some potential rain in Southwest Russia a week from now, as overnight rains for Kansas were missed, and there was renewed…
Hedge recommendation: Make a 25% old crop sale on KC July wheat at 645 and a 20% new crop sale on September at 658. In Minneapolis wheat, make an old crop sale at 705 on the July contract and a 20% sale on the new crop against the September at 715. If you have SRW…
Wheat maintains overnight strength. Grain prices are mixed after a volatile night session for wheat. Wheat is still firm this morning despite forecasts for needed rain to fall across Western Kansas this afternoon and into the weekend. The dryness in Russia is now moving northwards, with rains next week seen as light for the Southwest,…
Short covering remains the theme for the grain trade. This morning’s grain trade is mixed/firm, with corn and soybean futures remaining stout with yesterday’s advances. The shorts have a bid under the market despite showers falling across portions of W and C Kansas, with improved chances for Thursday. However, Russia is forecasted to stay dry…
Strong overnight grain trade softened by morning. Grain futures were pushed higher overnight, led by the wheat trade. The drop of 5% in the good/excellent category for wheat prompted buying interest, which had Chicago wheat pushing through the 100-day MA at 5.97 to a high of just over 6.00 before retreating in the early morning…
French milling wheat leads overnight gains. Grain prices are mixed this morning with wheat advancing, following French milling wheat’s gains of $5.00 MTs on NSW Russian dryness. Heavy funds shorts are taking note and are starting a lifting process. Their heavy short position across the grain complex makes it obvious that any shock to the…
Cattle On Feed 4/19/24 On Feed: 101% vs 102.1% estimate Placed: 88% vs 93.0% estimate Marketed: 86% vs 88.1% estimate Cattle on Feed numbers were friendly to pre-report estimates, expect a dollar start higher on Monday.
Overnight volatility experienced in the grain trade and outside markets. Overnight volatility produced a spike in grain prices as Israel mounted a retaliatory attack against Iran last night. This caused the energy and metal markets to spike higher and have now returned to lower levels. The attack was limited in scope; Israel did not acknowledge…
