Author: Ivan

Spec Trade: Buy 1 July Corn at the MKT, 789.4 last with a 779 stop.

Stats Canada data deemed friendly for wheat and canola. Grain futures tumbled sharply in the night session, a negative reaction to the late heavy losses in the stock market, which saw risk-off trade driving prices lower. Also, a warmer forecast for next week offers more planting opportunities added to the selling. By morning wheat prices…

Tomorrow at 7:30 AM is Stats Canadas Stocks report as of March 31.

Spec Trade: Buy 1 Dec corn at the MKT, 737 last with a 726 stop.

Wheat futures lead the overnight price. Grain futures had seen strength all night, with wheat futures rising as concerns grew that India would eventually ban wheat exports. Indian wheat yield/collection data as the harvest is 50% complete are already disappointing, with commercial estimates of Indian wheat production possibly as low as 93-97 MMTs. Such a…

Spec Trade: Buy 2 July Chicago mini-wheat at the MKT, 1079 last with a 1045 stop.

India lowers its wheat crop size. Grain futures had a mixed overnight session until early this morning at around 6:00 a.m., when India announced they were lowering their 2022 wheat crop to 105 MMTs, down from their April estimate of 111 MMTs. The recent record heat since March and the taking a toll on the…

Despite the weather, the corn correction is not done. In this quick observation on the chart, it looks like corn did a corrective B wave bounce this morning’s high, and now we still have a potential C wave decline that could culminate in a wave 2 potentially near 780.

Just another Turn-around Tuesday for the grains. Grain futures are on the mend today after yesterday’s first of the month massive risk-off selling tied to the US dollar racing to the highest close in 20 years, along with some holes in the forecast allowing for some planting to get underway this week in some areas….

Grains start the month under selling pressure. Grain futures gap lower overnight, even though the forecast remained cool and damp, the prospects of the crop getting planted beyond 50% within a “reasonable” time of the optimum May 10 date remove the bid for the market, especially with the US dollar furring back up overnight in…