Turnaround Tuesday kicked in during last night’s opening. Turn-around Tuesday appeared overnight as algorithm computers quickly reversed massive losses that occurred in Monday morning’s grain trade. By mid-morning Monday, Corn had lost nearly $0.30 a bushel, over $0.50 on wheat, and almost $0.70 on soybeans from last Tuesday’s highs. The overnight technical rally had corn…
Grain prices decline as rains arrived in Argentina. Grain futures opened lower last night and are sharply lower this morning as heavy rains fell across the drought-stricken areas of Argentina this past weekend. The two-week forecast calls for near to above-normal rainfall into February 7. This is threatening the record-long soymeal and sizable long soybean…
Cattle On Feed On Feed: 97% vs 97% estimate Placed: 92% vs 91.8% estimate Marketed: 94.7% vs 94.3% estimate Cattle numbers are mostly neutral for Monday’s reopening of trade.
Friday’s grain trade mixed start, beans near the low of the week. Grains are softer this morning, with soybean oil finding a bid as spreads unwind and meal continues to soften. Improved Argentine and southern Brazil weather for rain are on the way, with this weekend’s widespread coverage of 1-2” expected. Also, China goes on…
Grain prices drift lower after overnight short covering. Grain pricing softened overnight, as index fund flows had ceased on Tuesday, and the market now focuses on the improving prospects in Argentina and Southern Brazil, which will receive beneficial rains that slowly start today and carry into the weekend. Early week strength that was created by…
Spec trade: Sell a March been at 1528.6 GTC with a 1552 stop.
Grain prices softened after overnight gains. Grain futures pushed higher overnight on positive momentum from yesterday’s closes, with corn stalling just shy of 690 and soybeans below 1550 before turning lower in the early morning hours. GFS weather models maintain a strong likelihood that Argentina will pick up the best meaningful rains in months into…
The week starts with grains under pressure. Grain futures opened lower Monday night and pressed lower on a weather pattern shift for South America that is bringing better rain chances in Argentina, along with Russia increasing their crop size to a record 104.5 MMTs. Brazil has harvested an estimated 1% of their record 2023 crop…
Grain futures failed to build on yesterday’s rally. Grain futures are mostly lower this morning after a higher push overnight. Corn and soybeans could only best Thursday’s post-report highs by a penny before succumbing to morning sell orders. What is interesting about soybeans is that despite all the friendly news in the morning out of Argentina…
USDA Report 01/12/23 The WASDE crop report was bullish for corn and soybeans and bearish on wheat acreage. The standout is that the USDA raised the corn yield with/harvested acres by 1.6 million acres. They lowered soybean yields to 49.5 BPA, and lowered harvested acreage by 300,000 acres.
