Grains start the week mostly firmer, extending last week’s recovery. Grain futures are higher this morning after a rough start Sunday night. The large short position in wheat, corn, and soybean oil helped prompt further buying as they lightened up their trade ahead of the growing season and the pending closing of the Black Sea…
Grains are firmer overnight with outside markets. The grain trade was higher overnight, along with equities and indexes, as the banking crisis continues to be muted by the Fed’s generous lending of money to whoever and wherever it is needed to mop up the problem. Something to ponder in the banking “crisis” is that 12…
Grains correct a part of yesterday’s big rally. Grain futures are lower across the board this morning as it is becoming apparent the the Kremlin staged the drone attack to stir up local support for the war, as reflected in yesterday’s newsletter’s video link of the event for you to see. Further bank problems are…
Wheat and corn recover late in the overnight session. Grain futures were lower overnight, making new calendar year lows, as recession fears soar over more regional banks yesterday reported in trouble, with crude oil nose-diving back below 70.00 this morning. A late morning bounce on wheat and corn occurred on rumors that Russia is again…
Wheat and corn prices give up overnight strength. Grain futures are mixed this morning with wheat and corn softer again while soybeans maintain some strength. Wheat bounced overnight as crop ratings did not show as big of an improvement as anticipated and Egypt tendering for wheat. Soybeans found strength on a record March Oilseed Crush…
It’s May Day, with European countries closed. It’s May Day, and grains are starting out lower for wheat, softer corn with beans near steady. Heavy losses were seen last week, with Friday experiencing short covering with end-of-the-week/end-of-the-month profit-taking. Follow-through buying did not materialize Sunday night, implying any strength is potentially still short covering and not…
Widespread sales of higher ethanol E15 gasoline. The Biden administration has decided to issue an emergency waiver that will allow widespread sales of higher-ethanol E15 gasoline this summer. This is following a strategy used last year to tamp down high pump prices. The announcement is expected to come from EPA today, with the waiver to…
Chicago wheat and bean oil received deliveries. Grain prices stabilized overnight, with soybeans recovering moderately. Deliveries were noted for soybean oil of 199 contracts with Chicago wheat having 854 contracts delivered. There was no corn, soybeans, soymeal, or KC wheat tendered. Chicago SRW wheat is now the cheapest wheat in the world, with June offers…
Stats Canada wheat data bearish expectations. Grain futures are mixed this morning after a from night session, while spring wheat is down 9 cents on the stats Canada crop report this morning that showed All wheat at 26.96 Mil acres, up from the average estimate of 26.3 and 1.5 Mil acres above last year’s 25.4…
Spec trade: Buy a June hog at 88.25 GTC with an 86.15 Stop. MA support should be heavy just under 88.00.
