Post-crop report correction in grain prices continues. Grain futures continue their post-crop report correction overnight, with only corn posting and early session rally on the dryness for the winter corn areas in Brazil before faltering to near steady. Wheat futures opened steady to lower on light showers Sunday in North Dakota that turned to snow…
USDA WASDE 4/9/21 Friendly corn, neutral slightly negative beans and wheat
WASDE report out today at 11 AM CT. Wheat and corn futures pressed higher overnight, while soybeans struggled to overcome overnight weakness. Wheat and corn futures were higher on anticipated Chinese interest and potentially friendly data for corn. WASDE releases its ending stocks report at 11 AM CT today. The average guesses for US April…
Spring wheat leads the overnight advance. Spring wheat led the overnight rally for the wheat complex, even pulling the SRW Chicago wheat higher through the night session. Morning action found corn and soybeans also higher on the day on Brazil’s CONAB production estimates which were seen neutral to estimates, before export sales released at 7:30….
Old crop pricing leads overnight rally. Night session trading found renewed buying in old crop corn and beans with the upcoming April WASDE report out this Friday. The report is anticipated to raise 20/21 US corn exports and feed/residual use. Dry weather is now starting to be noticed in the ongoing weather trends across the…
Turnaround Tuesday comes with a firm start. The first crop condition report for 2021 was released yesterday from the NASS and reported late Monday that 53% of the US winter wheat crop was rated good to excellent (GD/EX), with just 2% of the ’21 US corn crop planted (mostly TX). The surprise was not that…
New crop futures recovered strongly overnight. Grain futures are mostly firmer overnight, with soybeans catching the bulk of the gains. Europe is closed for Easter Monday, so the French milling wheat bid will not be known until Tuesday, while China is off for the Spring Festival. New crop corn and soybeans have caught attention with…
New contract highs for new crop corn and soybeans while wheat stalls. New crop corn and soybeans are the bullish leaders overnight, making new contract highs and maintaining the bulk of their overnight strength. Wheat futures turned lower on declining Russian fob offers, and as Russia’s looming floating tax structure does provide an incentive for…
Seedings/Stocks report 3/31/21 Extremely bullish across the board on estimates.
Markets await Seedings/Stocks report at 11:00 a.m. Grain futures stabilized overnight, while soybeans recovered with the return of buying interest in bean oil from end-users. After 3 limit down sessions of the past 4 trading days, end-users or importers added to their coverage, as it was reflected that soy oil open interest rose 4098 contracts…