CPI data this morning comes in mostly near estimates. Grain prices softened overnight after yesterday’s poor technical close as liquidation continues in the present risk aversion atmosphere. Open interest fell in yesterday’s liquidation, reflecting an attitude of fewer players participating, decreasing liquidity and creating sharp spikes or dips much more quickly on headlines. The Black…
Outside market influences send grain prices lower overnight Sunday night, the grain trade opened higher, which was the end of it, as macroeconomic nervousness brought about selling throughout the commodity sector, except for metals pushing higher as the dollar declined. Despite the horrible weather experienced in Argentina over the weekend, the market focused on another…
Grains slip further after weak Thursday technical close Grain futures are mixed at the close of the night session after a mostly lower trade that found buying interest on the US dollar break after the release of the US jobs number. A poor technical trade performance on Thursday after BAGE Argentina released new low crop…
Grains slightly rebound after USDA report selling. With 9 days remaining to finalize a deal on the Ukrainian grain corridor, there is a meeting in Geneva, Switzerland next week to discuss details of the deal. Russia demands grain to flow to countries in need and that restrictions on their own grain be lifted. Yesterdays USDA…
USDA Report 3/8/23 USDA report was friendly for soybeans as the Argentine crop was cut more than expected for both soybeans and corn. Domestically corn stocks were increased due to a jump in yield again for last year’s crop and cut demand by 75 Mil Bu. Soybean exports were raised by 15 Mil Bu but…
USDA crop report releases at 11am today. Estimates for today’s crop report are showing the USDA cutting its 2022/202 corn exports by 20-25 million bushels and raising soybean exports while wheat numbers stay unchanged. USDA estimated the Argentine soybean crop at 41 MMTs last month, now the market is estimating a number closer to 36.5…
Argentine crop estimates keep falling. Private Argentine corn and soybean crop estimates continue to be cut due to the drought turning out to be one of the worst in 60 years. We are seeing a soybean decline to 28-30 MMTs and corn decline to 36-39 MMTs. With the ongoing hot weather and dry February, they…
Wheat leads overnight price decline. We are seeing wheat prices at their lowest spot contract levels since 2021. All eyes will be on the crop report on Wednesday as that has the potential to bring support into this market for corn and beans with USDA and other private analytical firms are looking to slash Argentina’s…
Grains continue the recovery for mid-week lows. Grain futures were firmer overnight, with Chicago wheat weaker than the other wheat exchanges, as 704 contracts were delivered, with only 90 contracts for Kansas City wheat. Grain prices put in a low “last day of the month/1st day of the month” and are recovering as Argentina, and…
China may have bought grain, and Russia grumbles. Grain futures firmed overnight as Russia is now talking a little smack as they are creating a hurdle to extend the Black Sea Corridor amid the recent US/EU sanctions impacting their financing/insurance and Azov Sea grain transportation. Russia states that the new economic sanctions encumber their grain/fertilizer…