Grain futures start week under selling pressure. Grain futures start the last full trading week of the year under pressure, with profit-taking noted with corn and soybeans ending last week near the best levels of the month. Drying weather is noted for S Brazil and Argentina, but lite scattered showers keeps buying interest at bay…
Wheat prices rebound overnight on Russian tax increase. Wheat futures are higher this morning after retesting yesterday’s lows in the overnight session. As French milling wheat opened at 3:45 AM, Russia was setting its new export tax at a record high of $91/MT for any new FOB sales in the December 8-14th period. The wheat…
USDA WASDE Report 12/9/21 Report friendly soybeans, negative wheat and slightly negative corn compared to pre-report estimates.
Spec trade: Place a buy stop on March beans to go long on a 1275.2 stop. Use a 20 cent protective stop if filled. Buy a March KC wheat at 786.4 with a 768 stop.
WASDA Supply/Demand report out today. Grain futures are lower ahead of today’s USDA supply-demand report at 11:00 a.m. Expectations are for WASDA to raise the US corn ethanol grind and cut corn ending stocks by 25-50 Mil Bu. Soybean exports are expected to fall 15-40 Mil Bu, resulting in a large carryout stocks number. It’s…
Soybean oil leads overnight grain losses. Grain futures are lower across the board, led by soybean oil as Algo-rhythm headline reading trading programs aggressively sold soybean oil, dragging soybeans lower in the evening. Corn and wheat futures held most of the evening until London opened at 3:45 AM, and French milling wheat declined $3 MT…
EPA announcements imminent Corn futures are pressing new highs in the day above $5.88, on a Reuters news story that the EPA today is set to release its mandates. When being questioned, it appears they’re going to reject a significant number of small refinery exemptions requests. 2022 mandates are likely at 15 Bil.
Grain futures retreat from overnight strength. Grain futures traded mostly higher overnight, alongside a sharply higher energy complex and stock indexes. However, with technical resistance overhead on corn and soybeans, grain futures drifted from overnight gains to reflect a soft close in price at the end of the night session, awaiting fresh export news. Ukraine’s…
Grain futures give up overnight higher start. Grain futures opened higher last night, with soybeans posting a new recovery high before widespread selling materialized across the complex on profit-taking with Thursday’s WASDA crop report on the way. No production data will be presented in this report, it will just be supply-demand numbers, with many suggesting…
