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…
USDA Report 2/8/24 Ending stock numbers were negative to price expectations, brazil soybean yield was high compared to CONABs much lower number this morning. Soybeans stocks rose because the USDA reduced exports by 35 million bushels.
Chinese Lunar New Year Holiday begins today, and Carnival next week in Brazil. This morning’s trade is mostly lower, with Chicago wheat higher as the spread between Chicago and Kansas City wheat continues to narrow on dwindling SRW wheat carryout versus the available supply of HRW wheat. The Chinese Lunar New Year Holiday begins today,…
A string of crop reports are out today. Corn reached another new low overnight, trading at the lowest level since December 2020. Traders have priced in a bearish WASDE, with funds record short in February. The CONAB Report (Brazil) data boosted row crop prices this morning, showing a 23/24 Brazilian total corn production cut to…
The grains are declining again after a two-day rally. Grains moved lower overnight as corn set the pace, scoring a new fresh three-year low. Rain fell in abundance overnight across the south-central Buenos Aries in southern Argentina, which added to the bearish sentiment. AI momentum funds are pushing values lower to see if the market…
The grains start out Tuesday firmer. Crop report Thursday. The grain trade is mostly firmer this morning, with the exception of wheat being mixed with soybean oil leading the advance. Short covering started yesterday morning and is expected to have an influence ahead of the CONAB and USDA reports out on Thursday due to the…
The first full week of February gets underway with lower grain prices. This morning’s grain trade is lower, follow-through from Friday’s poor close after Friday’s NFP Jobs Report was much stronger than expected, propelling the Dollar to six week highs, negatively impacting grains. Rains are anticipated to start in dry Argentina in the South on…
