Corn is working on V bottom confirmation. Grain prices are on the hunt to the outside, with corn working to confirm a V bottom as it breached the 20-day MA for the first time in three months. Closing above 433 on Thursday and Friday is needed to confirm. Wheat is recovering from its heavy selling…
LRP Endorsement prices for 3/06/2024 Steers 600-1000 LBS
Wheat struggles as Black Sea values slip further. This morning’s grain trade is mixed, with soybean oil firmer as palm oil futures break out of a seven-month trading range to the upside. Meanwhile, spot Russian FOB offers fell below $200/MT, pressuring French milling wheat and US wheat values. With the recent break in wheat values,…
Turn-around Tuesday on cue. Turn-around Tuesday didn’t miss a beat and got underway Monday evening, with French milling wheat quickly giving up its gains in scoring another new multiyear low. This pulled the wheat off yesterday’s recovery gains. The Black Sea cash market is maintaining its weakness, with Russian FOB quotes dropping to $202/MT, which…
Soybeans rally as Bungee stops deliveries. This morning’s grain trade is the reverse of what we have seen this week, with soybeans strong while corn is mixed, and wheat softens following French milling wheat, which is weaker on Russian FOB offers. Soybeans are firm as Bungee stopped deliverable soybean receipts and has now put the…
Soybeans rally as Bungee stops deliveries. This morning’s grain trade is the reverse of what we have seen this week, with soybeans strong while corn is mixed, and wheat softens following French milling wheat, which is weaker on Russian FOB offers. Soybeans are firm as Bungee stopped deliverable soybean receipts and has now put the…
Deliveries weigh on grain in the overnight trade. This morning’s grain trade is lower across the board as first notice day deliveries had March soybeans at 702 contracts, 484 contracts Chicago wheat, and 271 contracts soy oil. No corn receipts were put out. Cargill was the commercial that tendered 700 contracts of soybeans. Strong hands…
The grain trade has corn firm ahead of Friday’s GREET. Grain prices are mixed this morning, with corn firm against another near limit up move the cotton market again (likely will draw acres to cotton from corn with current action) while wheat slumps after a two-day rally. Thursday will likely bring another week of poor…
The grain trade is higher this morning, awaiting if Turn-around Tuesday can occur. This morning’s grain trade is mostly higher, with soybeans at $0.11-.12 higher on recovering from extreme oversold conditions. Monday’s washout with a chart formation called outside day higher on corn is inspiring to retain strength. Turnaround Tuesday has his work cut out…
The grain trade endured new lows overnight after a Sunday night firm start. The grain trade started out firm overnight but drifted lower by the early morning hours, with soybeans finding support six cents lower in the session and closing a few pennies higher. Cash contract liquidation and early this week on Hedge to Arrive…