Cattle On Feed 3/22/24 On Feed: 101% vs 100.9% estimate Placed: 110% vs 106.4% estimate Marketed: 103% vs 103.8% estimate Cattle on Feed numbers were bearish compared to estimates on the placement and marketing numbers, expect an opening of a dollar or more lower on Monday.
The grain trade is checking strength from this week’s trade. The grain trade is lower this morning after overnight momentum from Thursday’s rally was absent. Grain choppiness remains amid a lack of fresh fundamental news, and the NASS Stocks and Seedings report is due next Thursday. The debate continues over Brazilian soybean and corn crop…
The morning grain trade is higher from a firm overnight. This morning’s grain trade is higher as overnight soybeans pushed through last week’s high and the 50-day MA before retreating moderately into the morning. Meanwhile, corn stalled at its important 445 resistance, with May Chicago wheat trying to press through 550-553. These key areas will…
The morning grain trade is the reverse of yesterday’s closes. Another mixed morning trade, as yesterday’s wheat strength is challenged today, while soybean weakness has found new buying interest. The wheat trade is soft ahead of a GASC tender for May wheat that may likely get cancelled. Egypt is seeking Russian wheat, but Russian FOB…
The week trade ignores Turnaround-Tuesday in early trade. World wheat markets continue to rise, adding risk premium as the Russian war intensifies. Spot Russian cash markets are stable at $5.53/bu. Short covering continues as it is seasonally difficult to be bearish wheat futures and cash prices in early/mid-spring. Key week’s news ahead includes Ukraine targeting…
Morning Update This morning’s grain trade has wheat showing an advance, while corn is mixed, and soybeans have turned softer from what was initially higher starting Sunday night. Wheat trade found buying interest as black sea fob prices as newswires reported that Russian drones a missile attack damages on the Odessa and export facilities could…
NOPA crush numbers out today at 11:00 a.m. Today’s early morning grain trade is mixed with the row crops drifting while world wheat values debate when China is repurchasing its recent cancellations as they will need to be rolled forward. In the end, China is required, due to entering the WTO, to purchase almost 10…
China continues to cancel wheat purchases around the world. Wheat futures are softer today as China continues its cancellation tour of wheat purchases. Yesterday, they canceled French wheat; today, they have canceled 1 MMT of Aussie wheat. These cancellations occurred in tandem with US SRW wheat purchase cancellations of at least 500,000 MT late last…
CONAB and WASDE data at odds. After a second day of strength on Tuesday for the grain trade, midweek Wednesday brings about a softening and profit-taking. Yesterday, May soy oil was able to close above the 50-day moving average for the first time since mid-September 2023. Meanwhile, May corn futures are just under the 50-day…
