Spec trade: Exit long July bean oil at 66.60 OB for a slightly better than breakeven trade. A nice advance overnight that was quickly erased by morning, brings into question if bean oil still is going to be attacked by liquidation before month end.
Mixed start for today, after yesterday’s chart-based liquidation. Grain futures are mixed this morning, with the only old crop corn seeing a moderate bounce from Tuesday’s chart-based liquidation. Favorable Central US weather and the uncertainty surrounding 2021 crop seedings has the marketplace anticipating strong yields with all of the summer still in front of us….
Crop ratings reveal the poor spring wheat crop to the world. A sharp rally in spring wheat overnight occurred on the collapsing wheat condition reports, representing the crop to the world as caring condition ratings near 1988 levels. Spring wheat was up as much as 11 cents overnight before retreating a bit. Soybean futures also…
Spec Trade: Buy a July MWE Wheat at 682.4 with a 671 stop
The third lower Monday in a row gets the week started. Grain futures started the week lower on a non-threatening central US weather forecast, along with sporadic feast/famine rains that occurred across the Western Dakotas over the weekend. Current breaks in prices will again bring about new demand for corn and soon-to-be wheat. Egypt seeks…
Cattle On Feed On Feed: 105% vs 103.9% estimate Placed: 127% vs 122.5% estimate Marketed: 133% vs 133.0% estimate Report is slightly negative to pre-report estimates.
Wheat and soybeans challenging recent lows to end the week. Grain futures worked lower overnight on favorable Central US weather forecasts and easing cash basis bids for nearby soybeans. Many crushers and moving their bids to the November contract as of yesterday. Rain showers are starting to occur across the Northern Plains, and totals so…
Exit the July corn at 664 limit. Significant resistance is at play near last night’s high. Starts at 669 up to 672. Again today another 1.224 MMTs sold to China of new crop.
Grain futures seek price stability from recent decline. Grain futures pushed higher in the evening session initially, with corn leading the recovery before stagnation kicked in overnight. Some areas are seeing cash bids on retreat as crushers are slowing their run rates have pulled enough local supply for 30 day needs. Plains moisture is beneficial…
Universal deflation common theme overnight. Major deflation hit everything under the sun last night, as agricultural, energy, stock indexes and cryptocurrencies were universally sharply lower. The only thing higher last night was a moderate bounce for the US dollar off of a challenge of the lows of the year yesterday. This afternoon is the release…