WASDE crop report at 11:00 Grain futures were firmer overnight ahead of the USDA WASDE crop report at 11:00 a.m. CT today. Prices softened after the release of the PPI data at 7:30 a.m. as we saw a price rise slightly more than the estimates indicated, lifting the US dollar. Weather forecasts for Argentina maintain…
Soybeans push a new fall high overnight. The grain trade had follow-through buying overnight, with short covering for corn and wheat while soybeans were able to push another new fall high. CONAB (Brazil’s version of the USDA) estimated their 2023 Brazilian soybean crop at 153.5 MMTs, which was down slightly from their November estimate as…
Argentine weather remains a concern. Soybeans and wheat futures were higher overnight, with corn near steady as the trade focuses on the estimates coming out for Friday’s USDA crop report. It’s highly anticipated in the estimates that WASDE will cut corn exports in a range near 100 Mil Bu while soybeans could be cut by…
Turn-around Tuesday challenges the downtrend. Grain prices went into recovery mode overnight, in a consistent Turn-around Tuesday fashion. Soybeans took the lead to the upside as soybean oil stabilized and soybean meal continued its advance on the spread unwinding. Further adding to the soybean price lift is that the EU, GFS, and Canadian weather models…
China softens some Covid policies, and OPEC leaves oil production unchanged. Grain futures are firmer for corn and wheat, while soybeans enjoyed a second day relief rally from last week’s heavy selling. China relaxing some of its zero-tolerance Covid restrictions contributed to the crude oil rally overnight (OPEC left production unchanged) and general optimism about…
Spec trade: Sell a January soybean meal at 421.8 OB with a 431.5 stop
Grain futures continued to make new weekly lows overnight. Grain futures moved lower overnight, with wheat and corn pacing the declines, as they did not suffer the damage that soybeans did on Thursday. Soybean oil is sharply lower again today, lower by over two cents a pound, as trading limits have been now moved to…
EPA announces RVO mandates. The grain trade overnight worked lower, with soybeans dropping on the collapse of soybean oil as EPA did make their announcement yesterday afternoon for RVO mandates through 2025. The EPA maintained 2023 RVOs as expected, slightly higher than the current year, but the 2024 and 2025 RVOs were raised slightly more than…
Soybeans press new November highs. The grain trade is higher to sharply higher today, led mainly by the soybean market, which is following the crude oil market higher on news that Chinese health officials are softening their approach towards the Omicron variant, which is causing fewer deaths and less severe sicknesses than the original Covid…