Morning Update 1/13/23

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

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.

Morning Update 1/12/23

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…

Morning Update 12/29/22

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…

Morning Update 12/01/22

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…

Morning Update 11/25/22

World grain trade suggests a mixed restart. Grain futures are anticipated to have a mixed start this morning. They could be a few pennies higher or lower, as China’s daily Covid infections are broadening lockdowns while a slow soybean seeding pace continues in Argentina. French milling wheat was sharply lower on Thursday but recovered all its…

Morning Update 7/28/22

Grains continue to climb. Grain futures are higher across the board again this morning as the weather forecast for next week continues to remain threatening for not only the Midwest but the European weather as well. Forecasts call for a round of hot/dry weather for the Plains and W Midwest, which will continue to pressure US…

Morning Update 6/23/22

Another heavy night of liquidation in commodities. Grain and commodity futures across the spectrum overnight continued their relentless and plunging action in liquidating style from index funds that is beyond a slight improvement in the weather in the short term. Since the release of the CPI two weeks ago Friday and the actions of the Fed…

Morning Update 6/16/22

Threatening US and European weather takes focus. Grain futures are firm to higher this morning after a mixed overnight session. Threatening US and European weather are creating support while the outside markets have equities and energies sharply lower after yesterday’s post-Fed meeting rally. The Federal Reserve did react with a .75% interest rate hike with a…