Grain prices trade firm overnight. Grain prices were firmer overnight as corn anticipates another Chinese corn sell announcement, wheat is concerned with Russia standing fast with the 60-day corridor door extension, and BAGE makes cuts to the Argentine corn and soybean crop again. Concerns could evolve with today’s quad-expiration of options and futures for indexes today…
Grain trade is mixed as is outside markets this morning. Grain futures are mixed this morning after a low volume will night session. The European banking sector is calm today as the Swiss National Bank offered a $50 billion line of credit to Credit Swiss (Credit Susie). This was highly anticipated late yesterday as the markets…
CPI data this morning comes in mostly near estimates. Grain prices softened overnight after yesterday’s poor technical close as liquidation continues in the present risk aversion atmosphere. Open interest fell in yesterday’s liquidation, reflecting an attitude of fewer players participating, decreasing liquidity and creating sharp spikes or dips much more quickly on headlines. The Black…
Grains search for a liquidation low. Grain futures are mixed this morning after initially seeing a rally across the board overnight. Soybeans moved higher as China’s PMI index showed a surge that reflects expanding domestic demand for commodities and the hope for a Chinese recovery. French milling wheat opened softer early this morning and is down…
Soybeans make new lows on the week. Grain futures are mixed with strength in the wheat led by Iraq seeking a wheat tender this week from either the US, Australia, or Canada specifically, with the limited number of participants invited. The key will be whether Iraq opts to purchase 300,000 MTs, and part of this…
Grain futures failed to build on yesterday’s rally. Grain futures are mostly lower this morning after a higher push overnight. Corn and soybeans could only best Thursday’s post-report highs by a penny before succumbing to morning sell orders. What is interesting about soybeans is that despite all the friendly news in the morning out of Argentina…
USDA Report 01/12/23 The WASDE crop report was bullish for corn and soybeans and bearish on wheat acreage. The standout is that the USDA raised the corn yield with/harvested acres by 1.6 million acres. They lowered soybean yields to 49.5 BPA, and lowered harvested acreage by 300,000 acres.
CPI data shows inflation receding. USDA report today Grain futures moved higher overnight as the Rosario Exchange in Argentina lowered its soybean output to 37 MMTs versus 49 previously in the USDA’s 49.5. They estimated corn production at 45 MMTs versus 55 MMTs previously, and if realized, exporter corn and soybean balance sheets will be adversely…
Wheat stumbles on competition. Grain futures corrected overnight as the wheat market has come to grips with the rally it’s experienced alongside corn and soybeans has been met by a readily available supply out of Russia. Wheat exports for December out of Russia are now pegged at 4.0-4.4 MMTs when just two weeks ago, the estimates…
EPA announces RVO mandates. The grain trade overnight worked lower, with soybeans dropping on the collapse of soybean oil as EPA did make their announcement yesterday afternoon for RVO mandates through 2025. The EPA maintained 2023 RVOs as expected, slightly higher than the current year, but the 2024 and 2025 RVOs were raised slightly more than…