Market Volatility from Biofuel Court Decision Supreme Court rules for refineries request for waivers from biofuel mandates. Sent soybean oil tumbling, dragging soybeans lower as well. Support held. Today’s Supreme Court decision merely gives this and future Administration’s more freedom to do waivers, but it doesn’t dictate things. Question now is, how will the Biden…
Spring wheat leads overnight price strength. Grain futures mainly moved higher overnight, with corn drifting in the early morning session. Overnight strength was tied to follow-through buying from yesterday’s midmorning recovery and close. Corn and soybeans yesterday held key support values, as China booked another 5 to 7 cargoes of beans, and there is talk…
Hogs and Pigs Report All Hogs and Pigs: 98% vs 97.7% estimate Kept for Breeding: 98% vs 98.9% estimate Kept for Market: 98% vs 97.6% estimate Mostly neutral compared to pre-report estimates.
Grain futures sharply lower overnight at the start of big rains. Grain futures moved sharply lower overnight, even dragging Minneapolis wheat lower briefly in its wake. Minneapolis jumped $0.15 off of its lows into the night session close. Soaking rains are starting across the Midwest as expected and anticipated to be off and on for…
Spring wheat leads overnight strength. Row crop prices were mixed overnight with again strength in expiring old crop July contracts for first notice day and weakness on the new crop with the prospect of improved Central US rainfall. The spring wheat futures moved back to yesterday’s highs again, as the worst drought in a decade shows…
Crop ratings lift spring wheat prices. Overnight, grain futures started higher, with spring wheat sharply higher on the decline in ratings and a collapse in the spring wheat ratings. The lower ratings were met with eager selling on row crop pricing. The forecast for soaking rainfall in Iowa/Illinois has ratings that will be stabilized/slightly improved…
Crop Condition Ratings Corn ratings gd/ex came in at 65% vs 66% est. which was down from last weeks 68% Bean ratings gd/ex came in at 60% which was the average estimate, down from last weeks 62% MWE ratings gd/ex came in at 27% down from a 35% est. and down from last weeks 37%…
A sharply lower overnight trade on Midwest rains. Grain futures came in sharply lower overnight on weekend rains for Iowa, Illinois, Wisconsin arrived. Several rounds of rain occurred across the Central US on the weekend, with severe weather producing considerable storm damage of downed corn and hail stripped crops. Some estimates have damaged crops in…
Grain futures posted sharp overnight recovery. Grain futures recovered sharply higher overnight with no follow-through selling on the reopening. The realization is that the coming rains will not be enough to break the ongoing dryness across the Western Midwest corn belt, with temps to return to above normal by the end of June. Thursday’s price…
Sharply lower overnight grain trade on increasing rainfall potential. Grain futures tumbled sharply lower overnight, as all weather models added some amount of rain to their respective 10-day forecasts, with the GFS remaining the wettest. Some light and unexpected showers were also noted across Iowa overnight which sparked further liquidation. There were a few T…
