A mixed morning greets the last day of the week. This morning’s grain trade is mixed, awaiting commodity fund interest as the US dollar has topped. Expectations that the Federal Reserve will start to moderate interest rates slightly sometime in 2024 are accelerating the US dollar’s decline from heavy resistance at 104.00. Equity markets are…
Grains turn higher overnight on a falling US dollar. Grain futures were higher overnight, as the US dollar sank in the afternoon session, and this morning, it is below 102.00, off $0.50, as the Federal Reserve noted yesterday that interest rate hikes are done for now. According to Chairman Powell, “it is not likely we…
Argentina’s devaluation softens the grain trade overnight. The grain trade moved lower overnight as it focused on Argentina’s drastic currency devaluation. Argentina’s new Economic Minister announced a devaluation of the peso to an exchange rate of 800 pesos/dollar from the official rate of 366 pesos/dollar. Argentina’s central bank said they will keep the key interest…
Tuesday’s overnight trade was mostly firm. Grain prices started Tuesday higher, with wheat and corn recovering slightly from yesterday’s heavy losses, while soybeans are still firm but well off overnight highs. Late yesterday, Argentina’s newly elected government temporarily suspended its grain export register. President Milei is expected to communicate his economic plans further soon. Argentina…
Sunday nights trade broadly mixed. Sunday night’s grain trade witnessed soybeans moving higher on concerning Brazil’s lack of rainfall nearby forecast but was choppy due to Javier Milei taking office in Argentina and declaring a “New Era” with new measures to be announced soon, likely on Tuesday no cuts in the grain export tax is…
USDA Report 12/8/23 Corn and wheat ending stocks were friendly and soybeans neutral. Brazilian corn and soybean yields were a little negative towards world ending stocks.
Reduced rain in Brazil ignites new soybean interest. This morning, row crops are higher, led by soybeans, while wheat corrects its recent spectacular eight trading day rise. The 10-day Brazilian forecast is seeing rain totals reduced. The December WASDE crop report is out by 11:00 a.m. this morning which will have US supply/demand tables updated…
Grain trade finds buying interest overnight. Grain futures are higher to start the session this morning, as soybean and corn crop estimates for Brazil were cut slightly early this morning. Brazil’s CONAB released their December 1 data showing 23/24 soybean production estimated at 160.177 MMT vs 162.42 MMT prior and acres at 45.309 million vs…
A firm start across the board this morning with wheat leading. Wheat has been up six days straight as of yesterday and is again higher this morning, the longest daily up streak since Russia invaded Ukraine. China has bought US soft red winter wheat two days in a row and has already surpassed last year’s marketing…
A bit of Turn-around Tuesday greets the morning. Grain prices are mixed this morning as wheat consolidates its sharp five-day gains, while soybeans bounce off the 1300 price range as actual rainfall continues to be less than expected while forecasts maintain hopeful prospects. Corn prices are steady/firm as Brazilian corn prices have risen dramatically on…