More Ukraine attacks overnight Grain futures firmed overnight after becoming oversold, as Russian drones targeted Danube River grain silos last night at the port of Reni, damaging storage and warehouses, according to senior Ukraine officials. However, grain shipping sources say operations have continued despite the attacks, keeping prices in check. A Hong Kong flagged ship…
Crop ratings had values lower overnight. Grain futures are softer this morning, lower with yesterday’s improved crop ratings. Crop Progress showed corn conditions improving 2% to 59% G/E. Notable changes included IL +6%, MO +9%, SD +9%, IN & OH +3%. Soybean conditions improved by 5% to 59% G/E. Notable changes included IL +12%, IA…
After Sunday night’s higher start, the trade turned mixed. Grain futures opened higher Sunday night on the return of warm, dry weather late this week, and Russia firing warning shots at a merchant vessel over the weekend. Even though Ukraine’s Foreign Ministry strongly condemned the “provocative” actions and called for international community countermeasures, wheat, and…
USDA Crop Report 8/11/23 Crop report had a friendly knee-jerk initial reaction. Considered neutral to slightly negative.
Grain markets quiet before the USDA crop report. Expect to see some volatility today as the USDA crop report is set to be released at 11 am CDT and following at 12 noon will be FSA’s updated farm program participation data on major crop seedings. The average yield guesses for todays report are 175.5 BPA…
The overnight trade features more short covering ahead of Friday’s WASDE crop report. The grain trade was firmer overnight, with soybeans leading the strength ahead of Friday’s WASDE August crop report out at 11:00 a.m. CT. There is statistical uncertainty surrounding the data and FSA Farm Participation reports that find open interest continuing to decline…
Soybeans advance on late-month heat prospects. Grain futures were mixed overnight, with soybeans leading the advance on short covering after finding value under $13.00 and the prospects of some extreme heat in the 9-15 day forecast, while wheat softened on any lack of further attacks on infrastructure in the Ukraine/Russian port areas. Tuesday’s open interest…
Improved crop condition ratings soften grains overnight. Grains are lower across the board this morning, led by soybeans, as the NASS weekly ratings showed a 2% jump for corn and soybean G/E ratings when mixed results were expected. Also, no Ukrainian/Russian port threats or attacks occurred overnight, which would’ve created another morning rally to get…
Overnight soybeans sharply lower while wheat maintains gains. Grain futures had seen a sharply divided night session trade as wheat rallied on the return of Black Sea tensions, while soybeans dropped sharply as weekend rainfall was widespread across the belt with 1.5-3.00” of rain. Black Sea weekend action continued with a Ukrainian drone strike on…
New military action overnight in Ukraine lifts prices Ukraine stays in the news as overnight strength returned to the wheat market leading the other commodities higher, as a draw attack on a key Russian export port has now again heightened the Black Sea grain tensions. Russian authorities closed the port of Novorossiysk following a drone…