Cattle On Feed 2/23/24 On Feed: 100% vs 100.1% estimate Placed: 93% vs 88.4% estimate Marketed: 100% vs 99.8% estimate The placement number is negative to pre-report estimates, Feeders $1.00-1.50 lower on Monday. Reminder LRP can be purchased off of todays action until 8:25 am Saturday morning.
The wheat market is trying to retain the early week reversal higher. The grain trade is firm on the wheat this morning with follow-through from the early week reversing action, while corn is steady, and soybeans went to a new contract low. Export sales this morning were poor, as expected, with soybeans only reported at…
The overnight trade finds wheat adding to the early week price reversal. Grain prices are mostly higher this morning, with soybeans giving up overnight strength. Weakness in the US dollar, as the Japanese stock market scores new highs overnight and exceeded its 1989 peak, has the dollar back under 104.00. They are adding incentives for…
The grain trade softened from yesterday’s gains. Turnaround Tuesday (delayed due to the Monday holiday) got underway from the opening of last night’s session, with the grain trade staying weak throughout the night. The Biden administration is promising new economic sanctions against Russia on Friday, and the trade is unsure whether it’ll alter existing banking…
The grain trade starts the week firm after a 3-day weekend. This morning’s grain trade is firmer across the board as the Chinese have returned from holiday and are actively pursuing Brazilian soybeans. Brazil’s cash basis is now firmed even further from last week, with premiums rising by $0.50 during harvest. On Saturday, navigation on…
Grains slightly soft going into the 3 day weekend It’s president’s day on Monday which means markets will be closed on Monday the 19th. We could see some short covering going into this 3 day weekend from the bears and give a little push higher in grains to end the week. All grains have seen…
The USDA Outlook Forum has been released. This morning’s grain trade is universally lower across the board with wheat prices again leading the decline. The USDA Outlook Forum released its results already this morning. They reported for production 91 million corn acres (91.8 expected), 87.5 million soybean acres (86.5 expected), 47 million wheat acres (47.5…
The grains soften ahead of the USDA Outlook Forum. Grain futures are lower this morning, with corn eking out another new contract low, while soybeans pressed recent support at 1180 but found support just under that value. Meanwhile, wheat again retreats, with the hard wheat making new contract lows as the Chicago wheat spread maintains…
The CPI data comes in inflationary this morning. The grain trade is mixed this morning, with soybeans recovering overnight weakness on strength in the soybean oil market following the resurged price lift in crude oil. The CPI data out this morning was considered inflationary and pushed the US dollar up $0.62 to 104.66, while metals…
The grain trade is mixed this morning on lighter than normal volume. This morning’s grain trade has row crops firm while wheat is mixed. China’s Golden Week Holiday will extend through Thursday. Brazil’s Carnival is also this week. This may lead to diminished CBOT trade volume with both parties “absent.” The USDA Outlook Forum starts…
