Egypt pays record value for wheat. Grain prices are in strong recovery mode today, led by the wheat market, as Egypt’s purchase of wheat yesterday was at a record price of $480/MT CIF for 465,000 MTs of wheat. The wheat purchase was of Romanian, Bulgarian and Russian sourced wheat. The Russian wheat came with the freight…
Spec trade: Buy a May soybean at the market. 1685 last, with a 1669 stop.
Grains decline on potential Black Sea truce and China lockdowns. Grain futures started soft Sunday night and steamrolled into a sharply lower night session led by wheat. With Russia shifting its military focus to the Donbas region of E Ukraine, the market senses the ability of Central and West Ukraine to have improved planting progress…
Buy 2 June Micro-gold at the MK, 1953 last with a 1890 stop.
Malaysian palmoil pulls bean oil higher. Grain futures continued higher in the night session, with wheat maintaining yesterday’s gains and Malaysian palmoil again setting new historical highs on supply tightness, pulling soybean oil higher in its wake, which also carries beans to new contract highs. Last night the March bean contract got within $0.12 of the…
Markets closed on Monday. Grain futures are mixed after a mostly lower evening session. Corn futures found renewed buying at the 50-day MA on concerns of a sharp fall in South American corn production. Talk continues to grow that the Argentine corn crop will likely end up no larger than 42-44 MMT’s compared to early season…
Potential rain in the 10-15 day SA forecast. Grain futures are lower across the board this morning, as the 11-15 day forecast for S Brazil/Argentina is offering a potential pattern shift, as some would suggest, that reduces rain in northern Brazil and brings about .5-1.5″ of rain for the dry southern areas January 17-21st with some…
Another round of contract highs for wheat overnight. Grain futures pushed higher overnight, as the Thanksgiving seasonal uptrend continues that typically peaks either today or Friday. French milling wheat and US winter wheat contracts made new contract highs overnight before stalling is the wet five-day Eastern Australia forecast verifies with drier weather due next week. This…
Bean oil and soybeans lead the overnight grain price recovery. Grain futures were initially lower overnight, as StoneX released their yield expectations putting corn at 177.5 BPA and soybeans at 50.8 BPA. StoneX is typically a high guesser, and they bumped their yields by .6 on corn in .8 on soybeans from their August yield….
Rains less than expected in key dry areas over the weekend. Grain futures had a minor recovery overnight compared to last week’s losses. Weekend rains were helpful where they did fall, but the drought areas again came up short. Saturday’s Nebraska straight-line winds of 60-100 MPH is getting trade attention amid the widespread reports of…