French Milling wheat and KC wheat make new contract highs. Overnight French Milling wheat scored new contract highs, with spot December French Milling wheat hitting $312.25/MT before retreating $2, while Kansas City wheat pressed to a new contract high slightly before values started to drift in the morning session. Australian wheat futures rallied $15/MT overnight…
French Milling wheat and US winter wheat make new contract highs. Wheat futures posted new contract highs for French milling wheat, Kansas City, and Chicago wheat on concerns over the ongoing wet weather forecast for Eastern Star Australia continues into this week. 1.5-4.5″ of rain is forecasted to fall across E Australia, delaying harvest operations…
Cattle On Feed Report On Feed: 100% vs 99.7% estimatePlaced: 102% vs 102.5% estimateMarketed: 95% vs 96% estimate Cattle on feed report mostly neutral for Monday’s trade opening
Spec Trade: Buy the March Chicago wheat at the market, current price is 833, with an 818 stop. Wheat trading overnight had Chicago wheat challenging our support zone, with Kansas City wheat performing better overnight, not breaking into the 815-817 area we had projected for a corrective bottom. French milling wheat is turning back up…
Hedge Recommendation: Fuel prices decline into projected time window. Consider forward hedging spring fuel prices if you haven’t already done so, as April Heating Oil has declined into the 38% retracement of the recent price rise. Pricing support should be in the 2.20-2.25 range Crude oil is experiencing the decline into our current projected low…
Grain futures continue weakness from yesterday’s price reversals. Grain futures are lower across the board, reversing the early evening strength. Covid infections are rising sharply in Europe, and Austria is announcing lock downs, with possibly Germany doing it next. These fears of European lock downs are putting heavy pressure on oil prices that we had…
After new contract highs, grain futures tumble on EPA rumors. Grain futures had seen wheat score new contract highs above 850 on the winter wheat contracts, corn rechallenged early week highs along with soybeans challenging yesterday’s highs just to see sharp reversals lower after 9:30 AM. Rumors are circulating after the start of the day…
A new string of contract highs to start Thursday morning. Fresh new contract highs overnight for French milling wheat, US winter wheat and oats futures. Preliminary open interest shows the influx of new funds continues to morph. Corn open interest yesterday rose 12,695 contracts, soybeans up 13,190, while wheat was up 2,868. Soybean meal was…
Soybeans have recovered over $0.80 since last Tuesday’s harvest low. Grain futures are bouncing from their Turn-around Tuesday setback corrections, with Malaysian palm oil heading back to prior highs, prompting bean oil to have another strong recovery day. This, despite canola drifting overnight after having become extended to the upside compared to its vegoil counterparts….
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