Rain possible near end of March for dry southern wheat plains. This morning, grains are mixed with wheat and corn futures lower, while soybeans rally. Initially, Wednesday evening, there were reports that India will have more wheat available for export from last year’s surpluses and the promising looking upcoming crop. This morning’s 11-15 day forecast…
Spec Trade: Buy a May micro-crude oil at 93.75 and 92.75 GTC with an 83.00 stop. Utilize the micro-crude oil contract., As it is 1/10 the size of the big one. A dollar move is $100, and with daily swings in the four-dollar-plus range, a couple of these is a big enough position for a…
Crude oil continues its aggressive liquidation overnight. Grain futures experienced a higher wheat trade overnight, while corn and soybeans moved lower, following the declining crude oil as further liquidation was prevalent there. China announced a lock-down of 51 million citizens due to a fresh outbreak of Covid in a region, sparking fears of slowing use….
Commodities again turn lower overnight on truce hopes. It was a headline evening for grain futures. A higher opening was inspired by Argentina working to limit exports, which had soybeans again challenging 17.00 and failing along with corn which had also bounced to a new recovery price high of 767.4, before also declining sharply overnight….
Spec trade: Buy a second May mini-wheat at 1037 with a 935 stop on both positions.
Commodities lower as Putin comments of positive truce developments. Grain futures gave up overnight gains and moved lower in the early morning hours along with crude oil and metals from comments that Putin stated there was a positive shift in cease-fire talks with Ukraine without being specific. Reuters broke this story in the early morning…
Spec Trade: Buy a May Mini-wheat at 1135 with no stop.
CONAB numbers out and Ukraine/Russia talks fail cease fire. Overnight, corn and soybean futures found end-user buying and were firmer awaiting this morning’s CONAB production numbers from Brazil. In contrast, wheat futures tumbled again initially, with the May Chicago wheat dropping nearly $1.00 before recovering in the early morning hours. The wheat recovery came on…
USDA crop report 3/9/22 All data considered neutral across the board.