Again, wheat leads morning strength due to Russian wheat freezing. Grains are mixed this morning after a mostly lower night session, with wheat finding buying interest in the overnight. Further freezing has occurred in Russia on their wheat crop, building expectations that Russian exports could be lower than the present pace last two years. Russian…
WASDE Crop Report Domestic corn and world corn stocks numbers came in lower than average trade stock guesses, while the USDA failed again to lower Brazilian production by any significant amount. Wheat production guesses were friendly at 30 mil bushel below trade guesses producing a lower than expected carryout.
Freezes overnight in Russia and Argentina, with more to come. The overnight grain trade found wheat sharply higher, with gains of nearly $0.20 in the early hours on overnight freezing in northern areas of the Russian winter wheat corn crop. Most of the wheat was in the jointing or boot stage development, so with dry…
Recent uptrends are getting corrected. After a firm start overnight, a mixed trade is at play this morning, with wheat leading sharp gains. Reuters reported that three of Russia’s grain regions (Lipetsk, Voronezh, Tambov) declared a state of emergency due to crop-damaging frosts. These three states account for 10% of this year’s winter wheat crop….
Recent uptrends are getting corrected. Grains are lower across the board this morning as the midweek slump typically occurs during friendly periods of price action (strong Friday, Monday, early Tuesday, fade Wednesday into early Thursday) is at hand. The WASDE crop report is due on Friday, and it’s widely anticipated that the USDA will consistently…
Here comes Turn-around Tuesday. Grain futures are in Turn-around Tuesday corrective mode, while the macro environment remains bullish for grains. Fundamental factors being monitored include heavy rains in Brazil, drought in southern Russia, delayed harvest in Argentina/stunt disease in corn, and a slower planting pace in the US. Yesterday, CBOT soybeans closed above the 100-bar…
KC wheat lead overnight grain weakness. The grain trade was lower overnight, as Kansas City wheat led losses on better-than-expected rain fell across Western Kansas late Friday and early Saturday. This pushed the July KC/Chicago spread to a $0.20 KC premium. Meanwhile, corn and soybeans also moved lower amid the forecast for more normal central rainfall…
Thursday’s grain strength carried into the overnight. Grain prices continue to rally overnight, led by wheat and soybeans, as W Russia and E Ukraine crops now look to see further dryness that inner crop, while South American crop losses continue to become a reality beyond the USDA’s expectations. Buenos Aires Grain Exchange cut their estimate…
