Veg oils around the world make new contract highs. Grain futures pushed higher overnight for the 6th day in a row of higher movement since the lows were made last Wednesday, October 13. Again, the leadership comes from the veg oil market, with Palm oil, EU rapeseed (up 10% in 2 weeks), Canadian canola, and…
Grain futures firm ahead of a potential Turn-around Tuesday. Grain futures were firmer overnight, as the US dollar weakened below of prior week’s low for the first time since the end of August. Creating a sense of a US dollar top in the making has a risk-on attitude in play. Metals moved sharply higher overnight…
Overnight strength from Crude oil fades. Crude oil pushed to new contract highs overnight, with North Sea Brent crude touching $86, pulling the soon to expire November WTI crude oil contract to 83.87. This offered support overnight to grains and soybeans, but that faded by the morning hours after last week’s multi-day recovery bounce was…
Grain prices continue their recovery. Grain futures were higher overnight, with focus now on increasing demand with the supply guesses fully known. Profit margins for soy crushers, ethanol producers and livestock produces as well are greatly enhanced at present prices and are being acted upon. Chinese crush margins are at multi-year highs and will bring…
US dollar below 94.00 brings risk on mentality Grain futures are on the mend overnight, as end-user pricing became evident after funds steamrolled the market lower yesterday into significant technical support values for corn. Apparent yesterday is the selling was not cash-led. Wheat prices recovered as French milling wheat turned back higher overnight, presently up…
Spec Trade: Buy a Dec KC Wheat at 720.4 GTC with a 714 stop. Trendline support held. Lower the stop on Long Bean Oil to 58.32.
Spec Trade: Buy a Dec Bean Oil at the MKT, 59.36 last with a 58.62 stop.
Vegoils turn higher overnight. Grain futures are mixed this morning with soybeans holding psychological $12 and bouncing as rapeseed and canola markets turned sharply higher along with bean oil creating a lift for beans on the crush. Cash rapeseed in Europe is now quoted at $0.80 per pound with anticipation that world soy oil demand…
USDA WASDE Report 10/12/21 Data slightly negative to pre-report estimates on corn and soybeans, world wheat stocks are lower than expected.
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