Wheat/corn higher on Odessa, beans lower on rain. The grain trade opened firmer last night for corn and wheat, while soybeans opened steady and then quickly imploded on afternoon rains for eastern Argentina (in Santa Fe and Entre Rios), producing totals of .5-2.00”. Corn and wheat moved higher on the heavy Russian attacks on the…
USDA Report Report was friendly beans and wheat on the carryout, slightly negative for corn.
Spec trade: Buy a March soybean oil at the MKT, 59.98 last with a 57.75 stop.
WASDE crop report at 11:00 Grain futures were firmer overnight ahead of the USDA WASDE crop report at 11:00 a.m. CT today. Prices softened after the release of the PPI data at 7:30 a.m. as we saw a price rise slightly more than the estimates indicated, lifting the US dollar. Weather forecasts for Argentina maintain…
Soybeans push a new fall high overnight. The grain trade had follow-through buying overnight, with short covering for corn and wheat while soybeans were able to push another new fall high. CONAB (Brazil’s version of the USDA) estimated their 2023 Brazilian soybean crop at 153.5 MMTs, which was down slightly from their November estimate as…
Argentine weather remains a concern. Soybeans and wheat futures were higher overnight, with corn near steady as the trade focuses on the estimates coming out for Friday’s USDA crop report. It’s highly anticipated in the estimates that WASDE will cut corn exports in a range near 100 Mil Bu while soybeans could be cut by…
Turn-around Tuesday challenges the downtrend. Grain prices went into recovery mode overnight, in a consistent Turn-around Tuesday fashion. Soybeans took the lead to the upside as soybean oil stabilized and soybean meal continued its advance on the spread unwinding. Further adding to the soybean price lift is that the EU, GFS, and Canadian weather models…
China softens some Covid policies, and OPEC leaves oil production unchanged. Grain futures are firmer for corn and wheat, while soybeans enjoyed a second day relief rally from last week’s heavy selling. China relaxing some of its zero-tolerance Covid restrictions contributed to the crude oil rally overnight (OPEC left production unchanged) and general optimism about…
Spec trade: Sell a January soybean meal at 421.8 OB with a 431.5 stop
