Buy Crude
Spec trade: Crude oil is breaking out. Buy 2 micro-Oct crude oil at the MKT, 83.42 last with a 79.50 stop, (each $1.00 move is $100 on one)
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Morning Update
Corn and soybeans sustained strength overnight ahead of the Pro Farmer Crop Tour. Wheat sees profit-taking. Grain Overview The grain trade opened firmer last night, with wheat prices pushing closer to the July highs before turning to profit-taking after stalling out. Meanwhile, corn and soybeans also found strength on excessive rainfall across Illinois and Indiana,…
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Cattle Action
Cattle trading action for today. Just a quick update on the performance of cattle today. October live cattle went down and bumped the 78% continuation chart retracement at 215.40 and are now recovering back to the 217 level. A close over 217 would be helpful in putting in a low, as it would hold the…
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Morning Update
Grain prices have a higher weekly close in the works, while cattle will struggle this morning. Grain Overview The overnight grain trade pushed higher, with wheat leading the way as it pursued new August price highs, throwing support to corn and soybeans. Russia is not showing interest in joining Ukraine in any talks that would protect…
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Market Quick Take
The Black Sea is Still Volatile Presented by Heartland Investor Capital Management Inc. CTA https://vimeo.com/1218124416/10bb82aa73 🌽 CornCorn gave back part of Wednesday’s strong USDA-driven rally.Brazil’s CONAB raised production by 1.2 MMT, pressuring prices.The added Brazilian supply was largely directed toward rebuilding ending stocks.Corn continues holding near its 50% retracement with 467’4 viewed as possible support.The…
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Morning Update
Correction day after a substantial WASDE crop report. Grain Overview The morning grain trade is mixed, with wheat showing light gains as French milling wheat pushes higher this morning while the damage from the Ukrainian attacks on Russia’s largest deepwater port is assessed. It’s been reported that one of the loaders is severely damaged, while…
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WASDE Report
USDA Crop Report Today’s USDA report is bullish for corn and friendly for soybeans and wheat, with production numbers lowered more than expected. The corn carryout is now below 1.7 billion bu and likely to decline even further, as the USDA failed to reflect the drop in European corn supplies in its world stocks numbers.
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Morning Update
It’s report day, and wheat futures burst higher overnight as Russia’s largest deepwater port is attacked. Grain Overview It’s crop report day, but wheat futures bolted higher overnight as Black Sea tensions picked up again, with Ukraine launching a major attack on Novorossiysk, Russia’s most important deepwater grain export hub. The attack reportedly included drones…
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Market Quick Take
USDA Preview & Cattle Presented by Heartland Investor Capital Management Inc. CTA https://vimeo.com/1217427940/3493c5f7df 🌽 CornUSDA may need to lower old-crop carryout as exports remain stronger than current projections.Any old-crop reduction carries directly into the new-crop balance sheet.Corn remains below the 100-day moving average but is holding the 50% retracement area.Demand is expected to stay strong,…
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Morning Update
Grains softened overnight, as a buyer void is in play until Wednesday’s crop report is out. Grain Overview The overnight grain trade is lower despite seeing some mild strength early, as yesterday’s crop ratings kept corn at 61% GD/EX, while soybeans slipped 1% and are now at 62% GD/EX. With ratings well under last year, along…