Soybean oil corrects while corn returns to its highs. After a softer night session, corn has returned to the highs seen in the post-November crop production report. Having absorbed heavy farmer selling, it looks poised to travel higher yet still on strong exports. Today, we will get updated export inspections by midday after they were…
China canceled soybean auction. This morning’s grain trade has wheat on the defensive challenging multi-week lows, while soybean futures recovered higher overnight, as China had canceled the auction planned that was going to roll out 2 MMT of imported soybeans, citing technical issues. On Friday soybeans had stumbled after the friendly news for soybeans production…
USDA Report 11/8/24 Standout data from the report was the soybean yield declined 51.7 bu. acre, this surprisingly lowered the soybean carryout by 65 million bu. Other data was close to pre report estimates.
November WASDE crop report out at 11:00 a.m. today Today’s November USDA crop report is out at 11:00 a.m., and traders are anticipating some minor cuts to production, especially in soybeans, with small cuts to ending stocks expected for corn and soybeans. There has been a debate over the impact incredibly dry conditions at harvest…
Corn and beans show follow-through strength from yesterday’s strong technical performance. This morning’s grain trade enjoyed follow-through buying in the overnight session from yesterday’s technical strong reversal higher in soybeans. Corn’s close above technical resistance near 424 set it on the path to now challenge the 200-day moving average at 431. As the morning came…
The US dollar is up 2% on a Pres. Trump victory. Grains turned lower last night early as it became apparent that President Trump was on his way to another win. By 8 o’clock, the US dollar was moving sharply higher, gaining almost 2%. This put pressure on energies and metals, along with the grains. The…
Spot soybeans above 10.00 for the third morning in a row. This morning’s grain trade is firmer across the board, with again, for the third morning in a row, November beans trading above $10.00 (despite a potential Trump when, heavy rainfall for the last three weeks in SA, and record US crop expectations). This morning’s…
The World veg oil prices move on to new highs overnight. This morning, grain markets are higher as hedge pressure turns to a minimum, especially with rains on the way throughout the Midwest, but new highs in world vegetable oil markets persist. Malaysian palm oil overnight gapped higher and surged 170 ringgits, settling at $0.52/pound,…
Spec trade: Day order, Sell a Jan Bean at 1008.4 with a 1019 stop.
