Grains turn softer overnight on China worries. Grain futures opened firm last night but quickly softened as news that a Hong Kong Court issued a liquidation order for China’s largest property developer Evergrande Group. The liquidation order caused energy and a host of commodity markets to retreat on fears of a weakening Chinese economy. Evergrande…
Grains post a retreat heading into the weekend close. The grain trade is lower this morning, led by soybeans as the 11-15 day Argentine forecast has rain developing after the current heat and dryness. BAGE pegged the Argy 23/24 corn crop at 56.5 MMT and soybean production at 52.5 MMT. Both estimates were slightly larger…
Grains post a retreat heading into the weekend close. The grain trade is lower this morning, led by soybeans as the 11-15 day Argentine forecast has rain developing after the current heat and dryness. BAGE pegged the Argy 23/24 corn crop at 56.5 MMT and soybean production at 52.5 MMT. Both estimates were slightly larger…
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…