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Turnaround Tuesday comes with a firm start. The first crop condition report for 2021 was released yesterday from the NASS and reported late Monday that 53% of the US winter wheat crop was rated good to excellent (GD/EX), with just 2% of the ’21 US corn crop planted (mostly TX). The surprise was not that…

New crop futures recovered strongly overnight. Grain futures are mostly firmer overnight, with soybeans catching the bulk of the gains. Europe is closed for Easter Monday, so the French milling wheat bid will not be known until Tuesday, while China is off for the Spring Festival. New crop corn and soybeans have caught attention with…

New contract highs for new crop corn and soybeans while wheat stalls. New crop corn and soybeans are the bullish leaders overnight, making new contract highs and maintaining the bulk of their overnight strength. Wheat futures turned lower on declining Russian fob offers, and as Russia’s looming floating tax structure does provide an incentive for…

Seedings/Stocks report 3/31/21 Extremely bullish across the board on estimates.

Markets await Seedings/Stocks report at 11:00 a.m. Grain futures stabilized overnight, while soybeans recovered with the return of buying interest in bean oil from end-users. After 3 limit down sessions of the past 4 trading days, end-users or importers added to their coverage, as it was reflected that soy oil open interest rose 4098 contracts…

End of the month selling continues. Grain futures were lower overnight across the board, as the end of the month/quarter selling continues, as has been the case since the March 8 highs. Tomorrow’s March Stocks/Seeding seeding report is known for data numbers to be off wildly from trade guesses. With a large range of guesses…

A lower morning start to get the week underway. A mostly lower overnight session, as liquidation picks up with uncertainty heading into the Wednesday NASS Stocks/Seeding report. With a large 350 Mil Bu range guesses for the March 1 US soybean stocks, uncertainty is becoming prevalent with risk off being the future. There will be…

Soybean Daily Continuation Chart The attack on the purple line (23 period MA) for spot beans is becoming sooner and sooner than prior hits. It implies a larger breakdown is in the works.

Mixed to lower action to start the last trading day of the week. Grain futures struggled this past week with the void of extremely bullish export or weather news, leaving it in liquidation from speculators and renewed hedging for farmers heading into the end of the month Stocks/seeding’s report. The USDA is known for erotic…

Hogs and Pigs Report 3/25/21 All Hogs and Pigs: 98% vs 100.1% estimate Kept for breeding: 97% vs 98.7% estimate Marketing: 98% vs 100.2% estimate Report is bullish to pre-report expectations.