The grain trade softened from yesterday’s gains. Turnaround Tuesday (delayed due to the Monday holiday) got underway from the opening of last night’s session, with the grain trade staying weak throughout the night. The Biden administration is promising new economic sanctions against Russia on Friday, and the trade is unsure whether it’ll alter existing banking…
The grain trade starts the week firm after a 3-day weekend. This morning’s grain trade is firmer across the board as the Chinese have returned from holiday and are actively pursuing Brazilian soybeans. Brazil’s cash basis is now firmed even further from last week, with premiums rising by $0.50 during harvest. On Saturday, navigation on…
Grains slightly soft going into the 3 day weekend It’s president’s day on Monday which means markets will be closed on Monday the 19th. We could see some short covering going into this 3 day weekend from the bears and give a little push higher in grains to end the week. All grains have seen…
The USDA Outlook Forum has been released. This morning’s grain trade is universally lower across the board with wheat prices again leading the decline. The USDA Outlook Forum released its results already this morning. They reported for production 91 million corn acres (91.8 expected), 87.5 million soybean acres (86.5 expected), 47 million wheat acres (47.5…
The grains soften ahead of the USDA Outlook Forum. Grain futures are lower this morning, with corn eking out another new contract low, while soybeans pressed recent support at 1180 but found support just under that value. Meanwhile, wheat again retreats, with the hard wheat making new contract lows as the Chicago wheat spread maintains…
The CPI data comes in inflationary this morning. The grain trade is mixed this morning, with soybeans recovering overnight weakness on strength in the soybean oil market following the resurged price lift in crude oil. The CPI data out this morning was considered inflationary and pushed the US dollar up $0.62 to 104.66, while metals…
The grain trade is mixed this morning on lighter than normal volume. This morning’s grain trade has row crops firm while wheat is mixed. China’s Golden Week Holiday will extend through Thursday. Brazil’s Carnival is also this week. This may lead to diminished CBOT trade volume with both parties “absent.” The USDA Outlook Forum starts…
USDA Report 2/8/24 Ending stock numbers were negative to price expectations, brazil soybean yield was high compared to CONABs much lower number this morning. Soybeans stocks rose because the USDA reduced exports by 35 million bushels.
Chinese Lunar New Year Holiday begins today, and Carnival next week in Brazil. This morning’s trade is mostly lower, with Chicago wheat higher as the spread between Chicago and Kansas City wheat continues to narrow on dwindling SRW wheat carryout versus the available supply of HRW wheat. The Chinese Lunar New Year Holiday begins today,…
A string of crop reports are out today. Corn reached another new low overnight, trading at the lowest level since December 2020. Traders have priced in a bearish WASDE, with funds record short in February. The CONAB Report (Brazil) data boosted row crop prices this morning, showing a 23/24 Brazilian total corn production cut to…