Grains are mixed as a result of South American weather forecast change. Monday’s rainfall for in south America was isolated to northern Brazil followed by zero rainfall anywhere else. Forecasts are showing drier and temps to remain in the 90s for Argentina making January rains that much more needed. Today’s forecast is showing 25-65% of…
Mixed Monday morning grain trade to start off the Holiday week. The overnight trade showed a mixture of buying and selling pressure as the market balances the rain forecast for South America’s dry regions with the improved soybean and corn seedings. Brazil is expected to raise a soybean crop that could exceed 150 MMTs which…
Thinning holiday trade elevating intraday volatility. The grain trade ended mixed overnight with losses in the early morning hour due to outside market influences, but found a recovery bid on that weakness. Russia continues to launch a barrage of missiles at key Ukrainian infrastructures including Kiev overnight with the attack forcing the Ukrainian government to…
Wheat leads the morning strength. Wheat traces lifted the in the morning hours as Argentina lowered its wheat crop by another 300,000 MTs to 11.5 MMTs, according to the Rosario Grain Exchange. They left corn production at 56 MMTs with soybeans at 48 MMTs. Just 49% of the Argentine soybean crop has been seated versus…
European wheat values drag US values lower. Grain futures are lower across the board today as yesterday’s failure to maintain the early-day strength is bringing back trend selling that was prevalent in corn and wheat the prior week. French milling wheat is sharply lower again this morning by $3.50/ton and made a new spot low…
CPI release produces friendly market conditions. Grain prices were firmer overnight as soybeans kick in a turn-around Tuesday on a drier/warmer forecast prevailing for Argentina after welcomed weekend rains. Wheat prices continued their advance as massive short positions continued to get lightened up ahead of the holiday season by the index funds. It’s also time…
Wheat/corn higher on Odessa, beans lower on rain. The grain trade opened firmer last night for corn and wheat, while soybeans opened steady and then quickly imploded on afternoon rains for eastern Argentina (in Santa Fe and Entre Rios), producing totals of .5-2.00”. Corn and wheat moved higher on the heavy Russian attacks on the…
USDA Report Report was friendly beans and wheat on the carryout, slightly negative for corn.
Spec trade: Buy a March soybean oil at the MKT, 59.98 last with a 57.75 stop.