Corn and soybeans follow oil lower while wheat rises. A mixed morning in the grain trade as soybeans and corn drifted lower on the collapse in crude oil overnight while wheat rallied on more Russian attacks. Ukraine defense officials reported more Russian drone attacks overnight in Odesa, Mykolaiv, and Kirovohrad areas. UK intelligence suggested that…
Ukraine stays focused on moving grain. Soybean prices pressed higher overnight, follow-through on yesterday’s reversal action, but found resistance at the old to 1282 low range that prompted a retreat from those gains. Wheat and corn softened overnight as Ukraine finds ways to move grain. Ukraine indicated that another dozen vessels are ready to use…
Wheat leads overnight strength. Overnight grain trade reflected weakness in the soybean market due to further selling in soybean meal, while corn retreated slightly, with wheat building on yesterday’s recovery. Overnight French milling wheat gained $4.00/MT and had not taken out at September low in Monday’s weakness when trading and digesting Friday’s crop report. Bond…
Wheat and corn produce overnight strength. Wheat and corn lead overnight gains as soybean sag with China off on their Golden Week Holiday, limiting export interest. Global cash markets are only slightly lower, digesting Friday’s USDA crop report inputs. Meanwhile, Russian wheat is trading at $235/MT via private deals, not government sanctioned, with EU wheat…
USDA Report 9/29/23 Negative beans and wheat, friendly corn. Markets are reacting negatively across the board.
The USDA Crop Report is out today at 11:00 a.m. It’s USDA Crop Report Day today, with the September 1 Stocks report and the Final Small Grains report out at 11:00 a.m. today. The trade has spent most of the evening firm, with corn rallying to within ½ cent of the September high of 490.2…
Hogs and Pigs Report All Hogs and Pigs as of September 1st: 100% vs 100 estimates Kept For Breeding: 99% vs 98.7 estimates Kept For Marketing: 100% vs 99.3 estimates The report is negative to pre-report estimates. Market called $1.00-1.50 lower for Friday’s open.
The grain trade reverts to sell mode. After several days of price recovery, yesterday, wheat led the renewed decline in the hard wheat contracts, and then overnight, soybeans are also on the retreat. The culprit of course continues to be poor exports, and this morning’s export sales again were just mild, as expected. Meanwhile, yield…
Short covering the future of overnight trade. Grain prices rallied overnight on short covering from fund managers ahead of this Friday’s September 1 Grain stocks and final Small Grains Production report. Wheat price strength faded as Egypt announced a new wheat tender for 1 MMT for the last half of November with negotiations to purchase…