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…
USDA WASDE 5/12/21 Initial data was negative in price for new crop corn and old/new crop wheat
USDA crop report day today at 11:00 a.m. Grain futures pushed higher early in the night session, with soybeans making new contract highs, while corn and wheat carried through on further recovery. That ended in the overnight, as renewed selling re-appeared on the corn bounce, and wheat futures moved lower, led by Chicago and Kansas…
Turn-around Tuesday after large Monday losses. The inevitable Turn-around Tuesday arrived overnight after Monday’s large declines. The bounce continues this morning despite significant losses showing up in equities and weakness in energies after Monday’s massive profit-taking on improved Midwest weather, which was triggered by the overbought status of the market last week. Reevaluation is returning…
USDA crop report out Wednesday morning Better rains for Illinois and Iowa over the weekend and a little profit-taking ahead of the upcoming May WASDE Report on Wednesday (concerns of what the USDA may get the world to believe in carry out’s) created an overnight correction Sunday night. Soybeans bottomed on the opening, with corn…
Friday morning trade starts at the best price levels of the year. More of the same old same old, with new contract highs across the board and new all-time highs again for bean oil and canola. Only the winter wheat contracts have not made new contract highs yet but that’s a matter of a nickel…
New contract highs overnight for row crops and spring wheat. Grain futures bursted higher overnight after Wednesday’s strong close, making new contract highs for spring wheat and row crops. There was a return in bull spreading in the soy complex amid rising spot crush margins. New crop corn lifted on growing concerns over the cool…
Grain futures trade firm with prior price highs holding. Grain futures had a mixed start overnight that turned into a firm trade, but no contract highs were scored. Lite rains moving across central North Dakota in the early morning hours could not put pressure on the Minneapolis wheat contract as it continued to add gains…
Grain markets recover overnight in Turn-around Tuesday. Grain futures recovered overnight as we continue to flip trends from opening to opening. On Sunday night, the opening was the low, as the market bolted higher in that session. Monday morning, the day session start was the high. Flip that, and the opening of last night was…
Grain futures gapped higher in the overnight session. Grain futures gapped higher overnight on follow-through buying from Friday’s positive technical close. Dryness on the Brazilian corn crop is now creating a universal thought that the Safrina corn crop is likely producing a Brazilian total corn crop under 100 MTs. The only active contracts that made…