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Grain futures mounted an overnight recovery. Non-US grain/oilseed prices rose last week. Russian fob wheat gained for the 6th consecutive wheat with values at $299/MT fob. Russian President Putin claimed on the weekend that Russian grain production would be 127 MMTs and that there is no supply problem. It appears that Russia is cranking up…

Cattle On Feed and Pro Farmer Estimates 8/20/21 On Feed:    98% vs 98.3% estimatePlaced:       92% vs 93.2% estimateMarketed:  95% vs 96.5% estimate Cattle on feed report friendly to futures price action, look for a firmer start on Monday. Pro Farmer Crop Estimates   CornProduction 15.116 B/buYield 177.0/bpa SoybeansProduction 4.436 B/buYield 51.2/bpa Keep…

Here is a quick comment I pulled off of Twitter on the EPA mandate recommending changes from Scott Irwin, Agricultural Economist at the University of Illinois The EPA is looking to align mandates with actual production levels, which have slumped during the coronavirus pandemic. The mandates determine the amount of biofuels that oil refiners must…

Grain futures mixed to start the last trading day of the week. Grain futures are mixed this morning after a higher move overnight, on a recovery in crude oil and index pricing in the evening. Morning declines in crude oil to fresh quarterly lows pulled corn back lower along with soybeans on continued liquidation on…

Spec Trade: Buy 2 Nov Mini Soybeans at the MKT, 1321 last with a 1306 stop.

Stocks and commodities are lower today and risk-off trading. This morning, commodity futures are lower across the board due to outside market activity, tied to yesterday’s release of the Federal Reserve minutes from their previous meeting. Many are dubbing it that Taper Tantrum, as outside markets are having a macro risk-off day tied to the…

Spec Trade: Buy a Dec Bean Oil at the MKT 61.88 last with a 60.89 stop.

New Russian crop revelations mark a corn and wheat rebound. Grain futures pushed lower overnight initially, with another middle of the night reversal for wheat pricing. At 3:00 in the morning, the Russian government created comments that implied a more restrictive grain export policy could be in the works. Russian sources have the 2021 corn…

Spec Trade: Place a GTC buy on a Dec Corn at 558.4 with a 549 stop.

Black Sea wheat futures lead overnight wheat decline. Row crop futures opened firm overnight on degrading crop conditions, lifting soybeans and corn while wheat futures struggled. Overnight, with French milling wheat declining almost $6.00 a ton lower (roughly a $0.18 a bushel equivalent), spilling wheat into a larger correction after having seen an elevated run…