Buy MWE
Buy a Sept MWE Wheat at 866.2 with a 848 stop, day order. 862 is a 25% retracement of the April-July rally. The June highs of 858-859 also provide support. A rebound from 855-865 would be expected.
Morning Update 7/22/21
The 11-15 day EU weather model suggests rain. From the opening tick of the evening session, grain futures tumbled into a sharply lower session, as the hint of the 11-15 day ensemble for the EU weather model suggested moisture at the opening of August. Algorithm computer systems kicked in and sold relentlessly, irrelevant to what…
Morning Update 7/21/21
Concerning heat keeps overnight grain prices firm. Grain futures pressed higher overnight, with Minneapolis wheat finding continued profit-taking and spread unwinding after failure to take out Sunday nights 944.4 high from Monday’s devastating crop condition ratings. Soybean struggled overnight on news that the Biden Administration may delay the biofuel mandate announcement for 2021 and 2022….
Morning Update 7/20/21
Grain futures recover back to Sunday nights highs. With the outside markets stable today and not creating a negative influence, grain futures opened firm last night and traded sharply higher row crop ratings that barely showed improvement after last week’s cooler temperatures and rains. Spring wheat ratings collapsed historical lows to register an 11% GD/EX…
Crop Condition Ratings 7/19/21
Crop Condition Ratings Corn ratings gd/ex came in at 65% which is unchanged from last week’s 65% trade was estimating 66% Bean ratings gd/ex came in at 60% which is up 1% from last week’s 59% MWE ratings gd/ex came in at 11% which is down 5% from last week’s 16%, trade was estimating 15%…
Morning Update 07/19/21
Spring leads grains higher overnight with new contract highs. Grain futures opened higher overnight on the warmer and dryer forecast for this week, with crops in the N Plains and the W Midwest having limited soil moisture due to the ongoing drought and will not endure the coming heat/dryness very well. Yet, E Midwest and…
Buy Beans
Spec trade: Re-buy the 2 Nov mini-beans at the MKT, 1406 last with a 1349 stop. They breached resistance and look to press much higher.
Morning Update 7/16/21
Grain prices trade at a new weekly highs overnight. After a mixed overnight trade, corn and soybeans moved higher, following the sharply higher wheat market as the 4:30 A.M. GFS models showed more pronounced heat and continued dryness in the 6-10 day and 11-15 day models. There will be weekend rainfall across the S and…
Morning Update 7/15/21
Overnight grain trade consolidates prior 3 days gains. Grain futures consolidated overnight as rains moved east from Iowa and Minnesota into Illinois, as that is the last of the rain for the North Central corn belt for the next ten days. Lack of producer selling is keeping any setback minimal, and the open interest decline…
Exit Bean Oil 7/14/21
Spec trade: Exit the long two Nov mini-beans at 1395 for a $1,000 day trade gain if offered. Trendline resistance is 1400.