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…
Turn-around Tuesday. Turn-around Tuesday got underway from the opening tick of the night session, as four days of selling culminated in a low in the Sunday night session that Monday stabilized. The US dollar is testing a 4-month low and threatening to breach critical support at 89.20 set back at the opening of 2021. This…
Upcoming Northern Plains rain leads lower overnight session. Grain futures opened lower last night, led by the Minneapolis wheat contract. As needed, 1-2 inches of rainfall is forecasted later this week for the Northern Plains, Upper Midwest, and Southeastern Canada. Additionally, warmth due by midweek accelerates row crop emergence and growth rates moving forward. In…
July corn tagged the purple line with on going barge traffic fear.
Sharp grain recovery on barge traffic renewal. Grain futures recovered overnight after a rough start due to margin call selling from yesterday’s sharp losses. Late yesterday the US Coast Guard, Army Corps of engineers, and barge companies concluded their emergency meeting on renewing barge traffic under The Hernando De Soto bridge. The meeting held high…
Barge traffic re-opening by this weekend Thursday’s CBT meltdown was partially based on traders/investors worrying that the Desoto I-40 Memphis Bridge would stay closed for an extended period. The bridge’s closure has halted barge traffic along the Mississippi River, which a key passageway for US grain to world exporters. It appears that engineers want to…
Grain futures find further selling pressure in the night session. Grain futures found further weakness overnight from the moderately bearish USDA crop report, mainly towards the corn data. Now there are concerns over the logistics of corn movement due to coming repairs to the de Soto bridge in Memphis, and it amplified that grain markets…