Sunday night’s early strength gives way to profit-taking. This morning’s grain trade is lower in corrective mode after a higher start Sunday evening on follow-through buying from the reversal seen to the upside after the WASDE crop report. On Friday, grain prices failed to respond negatively to the USDA’s lack of crop production to Brazil’s…
USDA Report 3/8/24 Brazilian yields have not been lowered as much as expected by the USDA, yet the market reacts subdued and not negatively. Trade awaits CONAB numbers on March 12th.
WASDE data out at 11:00 a.m. this morning. Overnight soybean trade was mostly higher, while corn was steady, but as morning hours arrived, prices softened. Recent strength is finding profit-taking and renewed selling after this week’s gains ahead of today’s WASDE crop report out at 11:00 a.m. CT. The South American crop sizes will be…
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…
