Grain futures continued gains overnight. Grain futures are mostly higher this morning, but initially corn and soybeans struggled at the opening last night on better-than-expected corn crop condition ratings. Hot/dry Central US weather concerns created further buying interest to absorb that weakness last night. The NASS reported that 76% of the US corn crop was…
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…
Wheat futures lead overnight recovery. Grain futures are higher this morning after yesterday’s blowout lows, with wheat futures leading the advance. Cold temperature risk has the Canadian crop, which is at risk for a freeze, along with newfound demand that Saudi Arabia is bidding for 720,000 MTs world wheat. This morning’s export sales were bullish…
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.