This latest rally is demand driven from good exports sales reducing our carryout and easing harvest pressure around the US. As the market looks forward to election time, we will start to see a shift in prices as the political risk increases. First notice day for Nov beans is next Thursday with open interest still…
US weekly export sales entice short covering in grains and improve basis around the US. Thursday’s weekly export sales ending October 17th announced corn at 141.8 MB for old crop and 22.9 MB for new crop year. Soybeans at 79.1 MB and wheat at 19.6 MB. Mexico was the featured buyer of corn last week…
Risk-off affects markets overnight, with the US dollar being higher. This morning’s grain trade is softer, led by the wheat market, as risk-off has hit the marketplace. The US dollar pushed above 104.00 overnight, forcing a correction in the metals, energies, and indexes. It’s estimated that index funds purchase 27,000 contracts of corn and 15,000…
A mixed trade for grains to start Tuesday. This morning’s grain trade is softer, led by wheat, as row crops had traded both sides unchanged throughout the night. With a lack of fresh news after the Chinese interest rate reduction on Sunday night, which takes time to take effect, the trade is now floundering. Support,…
China lowered its prime lending rate by .25% overnight. Grains started softer in the Sunday night session but firmed overnight as the Peoples Bank of China lowered its prime lending rate by .25% to 3.1% for a one-year loan and 3.6% for a five-year loan. This overnight boosted gold, silver, and crude oil as the…
China woes soften grain overnight. The overnight grain trade was firm primarily for corn and soybeans as it saw follow-through buying from the big Thursday reversal higher into the close. Gold, silver, and gold are higher this morning, with gold making new all-time highs. Last night, China’s economic report showed the slowest growth since early…
China woes soften grain overnight. Grain futures started firm and traded moderately higher in the evening session until another Chinese overnight briefing, this time from their Housing Ministry, failed to meet investors’ hopes and sent property stocks plummeting. This triggered the selling that pushed soybeans lower in the continuation of Wednesday’s action when the EU…
Soybeans challenge 10.00 in overnight strength. This morning’s grain trade is mixed with soybeans leading a recovery in price after yesterday’s reversal from a bullish NOPA crush report. At the same time, wheat continues to soften in trying to understand Russia’s export tax selling floor. The Nov/Jan bean spread firmed 8 cents over the last…
Crude oil and China drag grains softer overnight. This morning’s grain trade is lower across the board, led by the soybeans, as favorable South American weather and the sharp collapse in crude oil overnight weighed heavily on the biofuel pricing side of the grain trade. China’s stock market was sharply lower overnight due to its…
Russia raised it’s cash price floor. This morning’s grain trade is softer across the board, with wheat futures having tried to stabilize and traded mixed in the morning hours. Paris wheat futures are higher by $1.50/MT as Russia announced a seller’s floor under the cash price of $250/MT FOB. This compares to prices offered last…
