Volatile grain opening after Milei wins Argentine presidential election. Indications last night for the grain futures was initially a higher start, but when it was announced by 6 PM CT time, Right-leaning Javier Milei won the Argentina election by a landslide over the establishment candidate. This caused soybean meal to move sharply lower during the…
Cattle On Feed 11/17/23 On Feed: 102% vs 101.8% estimatePlaced: 104% vs 104.9% estimateMarketed: 97% vs 97.9% estimate The report was steady to better than pre-report estimates.
Grains are lower again to end the week. Grain futures are lower this morning on the anticipation of next week’s rain in N Brazil. The extended range forecast still shows a return of dryness last ridging, but for now, the market is bracing for what accumulations might come to. Soy oil prices are firming as…
Grains trade follow-through weakness overnight. Soybeans were lower overnight, and a classic midweek two-day setback and what is the only bullish trend in the grain complex, while wheat and corn find willing sellers as they failed to break out of recent congestive trends. Soybeans decline is amid the prospect of showers in the northern 2/3’s…
Overnight strength gets checked before the end of the morning session. Grain futures are lower by a penny or two at the end of the night session but had spent most of the night higher. South American weather does offer rain in N Brazil next week, but it’s the damage of the heat this week…
Overnight weakness was minimal. Grain futures experienced a bit of a Turnaround-Tuesday overnight, but prices have recovered into the morning hours. The prospects of rainfall in the dry areas of N Brazil are bringing in a slightly wetter forecast inside the 6-10 day forecast. The forecast then shows a high-pressure Ridge returning for Northern Brazil…
The the week gets underway with strength in soybeans and weakness in corn/wheat Grain futures are mixed this morning with weakness in corn and wheat, a follow-through from last Friday’s close, while soybeans push higher as S Brazil’s weather remains too wet in the South while the Central and North are too dry for the…
The overnight grain trade ended with mixed one-penny movements. The markets are still absorbing yesterday’s negatively construed report data as the USDA November report data showed a corn yield of 174.9 bpa and a soybean yield of 49.9 bpa. This was the largest “bearish surprise” for corn in the November Report in six years. Market…
USDA Report 11/9/23 Report data was considered slightly negative to pre-report estimates.
