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…
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…
