Weather is the key feature this week. The grain trade was mainly firmer overnight on the concerns for soil moisture throughout the Midwest, while Kansas City wheat continued to create the most weakness, along with July soybeans finding resistance in the 1390 range. Less rain than forecasted fell across the W and NC Midwest over…
USDA Crop Report 6/9/23 A lot of mixed data with something for everyone but the world wheat number for new crop carryout is bearish.
Grain trade mixed ahead of today’s crop report. This morning wheat and corn are lower on the session while soybeans maintain strength in the overnight trade ahead of today’s NASS and WASDE crop report at 11 AM CT. Adjustments are anticipated to South American crops along with downward US corn and soybean exports which are…
Grain trade mixed overnight. The overnight trade ended with a firmer wheat market while row crops were lower. Wheat prices suffered heavily yesterday but are finding a short-covering rebound led by spring wheat. Russia said that the blast, which damaged an ammonia pipeline, will not be positive for the extension of the Black Sea grain…
Grain trade remains erratic overnight. Grain prices traded on both sides of unchanged overnight, and in the case of soybeans, several times. The trade ended mixed with corn mostly lower, wheat mixed, while old and new crop soybeans are split with strength in old crop weakness and new crop. Obviously, the debate over the US…
Crop ratings slipped more than expected. Grain futures opened higher last night on worse than anticipated crop condition ratings, but row crop pricing went out near the lows of the night session at 7:45 AM. Wheat prices moved sharply higher overnight as it was reported that a critical dam in Ukraine that supplies water to…
Grains are firm but not sharply higher to start the week. Grains are firmer this morning, but well off overnight highs, as evening and morning weather models are slowly pulling moisture into the week 2 forecast for the Central and Eastern corn belt. Over the weekend, Russian media reported that the country’s Foreign Minister said…
Grain markets brace for another weather Monday. The grain trade this morning is mixed, heading into another weather weekend. July corn paces the weakness as basis levels started to diminish, as Brazilian corn values again reflect values considerably less once availability arrives in July. Midwest River and CIF corn bids yesterday fell $.02- 0.14/Bu as…
Grains react to shifting weather models. Grain futures are sharply higher this morning as the weather forecasts longer-term again continue to vacillate. In the Tuesday/Wednesday commentaries, we alluded to this that long-term weather models are typically prone to many revisions until they become more laser focused once they’re deeper inside the 6-10 day window. Weather…
Grains continue their price collapse overnight Grain futures are again sharply lower this morning as yesterday’s poor technical closes and lack of any concerning data audit of the crop progress and condition reports led to follow-through selling in the overnight. Prospects for rains to arrive in the dry Midwest area by June 12-15 continue to…