Spring wheat leads overnight strength. Row crop prices were mixed overnight with again strength in expiring old crop July contracts for first notice day and weakness on the new crop with the prospect of improved Central US rainfall. The spring wheat futures moved back to yesterday’s highs again, as the worst drought in a decade shows…
It’s new month and new crop production threat. Grain futures moved sharply higher overnight, lead by Minneapolis wheat on concerning heat and dryness in the Northern Plains and upper Midwest. A seasonal Ridge of high pressure is forming across the Central US and retrograding slowly westward into mid-June. A high-pressure Ridge will produce extreme heat…
Grain futures start Friday on the softer trade side ahead of a three-day weekend Grain futures start Friday on the softer trade side ahead of a three-day weekend Grain futures started firm overnight on follow-through technical buying, with corn having traded at limit up. Still, by morning, gains turned to a softer trade, as the market awaits…
Old crop selling pressure. Heavy selling hit old crop corn tonight tied to the closing of the Herando Desota Bridge. The bridge carries traffic between Memphis Tennessee and West Memphis Arkansas on what is known on I-40. A structural crack was found that has closed the bridge to traffic above and below this afternoon. No…
Overnight mixed grain trade extremely low volume. Mixed session overnight, with corn and wheat on the retreat, with soybean finding support from the recovering soybean meal market that continues to stabilize just under $400 a ton. With only 5 1/2 trading sessions till the March 31 Stocks/Seeding’s report, concerning is that the volume in the…
Bean oil rallies to the highest prices in 9 years overnight. May soyoil pushed to a new contract high of $58.25 overnight, following yesterday’s rare limit up close. Midwest cash soyoil basis rose to a new rally high on strong demand from food and ethanol sectors. The overnight high was very near record high prices…
Low volume of overnight trade. Grain futures had a mostly lower evening session, before Malaysian palm oil turned higher after multiple days of correcting in price, turning bean oil higher in the night session by half a dollar which pulled beans back to steady firmer money. Lack of fresh news to stimulate index fund buying…