Turn-around Tuesday with wheat softening and row crops gaining. Turn-around Tuesday is underway, with wheat giving back some of yesterday’s gains while corn and soybeans recover in price. After breaching the soybean oil chart’s 200-day moving average, Soy oil continues to gain, bringing in new technical buying from heavily shorted positions from managed index funds….
A mixed trade for the start of Independence Week. This morning, there was a mixed grain trade as overnight action traversed higher and softer pricing. Weakness in the overnight trade was found to be short-covering interest, while corn continued to see pressure from Friday’s acreage and stock increases. The Black Sea drought continues with this…
USDA Report 6/28/24 Corn and wheat stocks along with corn acreage were negative to pre report estimates, wheat and soybeans acreage friendly to pre-report estimates.
Today is one of the most significant Crop Reports of the year. This morning’s grain trade sees short covering ahead of the NASS Crop Report at 11:00 a.m. Strength in soybeans is developing as the Argentine oilseed crushers workers union SOEA started striking Thursday in protest of President Javier Milei’s proposed economic and labor reform…
Hogs and Pigs Report All Hogs and Pigs: 101.3 vs 101.3 estimates Kept For Breeding: 96.8 vs 97.8 estimates Kept For Marketing: 101.7 vs 101.6 estimates Kept for Breeding number was even lower than expected. Look for the fall and winter contracts to be $1.00-2.00 higher.
Short covering develops overnight ahead of tomorrow’s data. This morning, short covering is a feature on the grain trade after continued heavy selling from the HTA deliveries and technical features from algorithm traders pressing momentum on rain forecasts. This morning’s Stats Canada report featured all wheat acres at 26.64 Million versus an estimate of 26.94,…
Soybeans lead overnight price stability. This morning’s grain trade is firmer, with spot soybeans leading the strength. July soybean and soymeal futures are the strongest, with one known NW Midwest crush plant having suspended operations due to flooding. There may be others yet to follow. Board soy crush and corn grind margins have rallied strongly…
Turnaround-Tuesday has yet to make its presence. The grain trade is lower again this morning after mild strength in the overnight session from the reduction in crop ratings, which were mostly expected. Morning grain pressure persists on ridge-riding storm systems and cooler Midwest temperatures. Friday’s USDA report keeps fears of bearish USDA crop data in…
Seasonal selling overwhelms overnight strength. After an initial firmer trade overnight, grains softened into the early session hours on continued chart-based selling, and algorithm traders did not find opposition to the seasonal trend sale. Central US weather forecasts have improved a bit from last week, with several rain chances for the E Midwest. Yet the…
Cattle On Feed On Feed: 99% vs 99.0% estimatePlaced: 104% vs 98.5% estimateMarketed: 100% vs 100.5% estimate Placement number considered negative to pre-report estimates. Anticipate a $1.00-2.00 lower start on Monday for feeder cattle, dependent on grain movement direction as well.
