Author: Ivan

Spec Trade: Sell 2 July Mini-wheat at the MKT, 1280 last with a 1322 stop.

India wavering promotes Turn-around Tuesday. After the initial higher start in wheat, grain futures pushed lower in the night session as turnaround Tuesday came into force. Overnight, India stated it would allow the 500,000 metric tons of wheat requested by Egypt to be shipped and other contracts initiated before May 13. This brought a round…

Wheat leads overnight price strength. Grain futures opened sharply higher Sunday evening as anticipated on the Indian wheat export ban, with wheat futures briefly touching limit gains before retreating. Paris French milling wheat is up $17 a ton this morning, which is the equivalency of $0.50, reflecting the gains of Kansas City and Chicago in…

Spec trade: Buy a December cattle at 146.25 OB with a 143.45 stop.

Spec trade: Buy a December cattle at 146.25 OB with a 143.45 stop.

French milling wheat, spring wheat and Dec corn make new contract highs overnight. Grain futures are mixed in the morning session after overnight action found French milling wheat, spring wheat, and December corn making new contract highs on follow-through buying from yesterday’s friendly constructed WASDE crop report for wheat and corn. Soybean prices also firmed…

WASDE 5/12/22 Data was friendly for corn and wheat with soybeans slightly negative to pre-report estimates.

CPI still running hot. Grain futures are higher this morning but well off the sharply higher status achieved in the morning hours before the CPI data came out. CPI data reflected a percentage increase when most estimates anticipated inflation cooling a bit. (CPI rose 8.3% year-over-year versus an estimate of 8.1%) This pushed the dollar…

Turn-around Tuesday on time. Monday’s shellacking led to a turn-around Tuesday overnight as grain prices recovered alongside equity valuations. The upcoming WASDA report on Thursday and the developing building drought in Europe create a new catalyst for price appreciation. The European weather forecast for W and N Europe for the next two weeks has temperatures…

Sharply lower equity markets creates risk-off in commodities. Row crop futures moved sharply lower last night as the equity markets continued their heavy liquidation, dragging energies and metals lower, which pushed corn and beans to the downside on potential bio-fuel reduced usage. (That may not be a fact heading into this time of year, but…