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…
Old crop selling pressure. Heavy selling hit old crop corn tonight tied to the closing of the Herando Desota Bridge. The bridge carries traffic between Memphis Tennessee and West Memphis Arkansas on what is known on I-40. A structural crack was found that has closed the bridge to traffic above and below this afternoon. No…
USDA WASDE 5/12/21 Initial data was negative in price for new crop corn and old/new crop wheat
USDA crop report day today at 11:00 a.m. Grain futures pushed higher early in the night session, with soybeans making new contract highs, while corn and wheat carried through on further recovery. That ended in the overnight, as renewed selling re-appeared on the corn bounce, and wheat futures moved lower, led by Chicago and Kansas…
Turn-around Tuesday after large Monday losses. The inevitable Turn-around Tuesday arrived overnight after Monday’s large declines. The bounce continues this morning despite significant losses showing up in equities and weakness in energies after Monday’s massive profit-taking on improved Midwest weather, which was triggered by the overbought status of the market last week. Reevaluation is returning…
