Turn-around-Tuesday corrects 3-day weekend pinch gains. Grain futures dutifully opened higher last night and traded firm, with corn making new contract highs on the slow start of the planting progress reports, and wheat futures challenged Monday’s high, with only Kansas City briefly breaching Monday’s high. The stage was set as we discussed in Monday’s newsletter…
Spot corn overnight trades at $8.00. Grain futures pushed higher overnight, with spot corn trading at $8.00 for the first time in a decade, while wheat futures recovered Friday’s losses as Sunday evenings weather models pulled needed southern plains rains that had been forecasted. Also, dryness in the Brazilian winter corn areas is becoming pronounced…
Last day of trade ahead of 3-Day Easter weekend. Corn and soybean futures are higher this morning, while wheat futures turned mixed after a firm evening session. Minneapolis new crop September wheat made new contract highs again overnight for the fourth day this week, as the new moisture in the Northern Plains has the already…
Spec trade: Buy 2 July mini-beans at the MKT, 1660 last with a 1625 stop. Trade consolidation is setting up for a push to 1740-1760.
Grain values retreat overnight. Grain futures are lower in the typical mid-week slump as the market starts prepping for the upcoming three-day weekend with markets closed for Good Friday for Easter weekend. News is becoming stagnant, with a wet Midwest, dry HRW wheat plains, and the war continues in Ukraine as well-known topics that have…
Commodity values higher overnight. Commodity futures opened higher in the evening session and moved higher throughout the night session, into the release of the 7:30 a.m. CPI data. It came in at the lower side of expectations at a rate of 8.5%, with a range of guesses of 8.3-9.1%. Either way, it’s the worst in…
Spec trade: Buy a July Soybean at 1632.4 GTC with a 1616 stop.
Wheat and corn find renewed buying, soybeans stall at 17.00 Grain futures opened firm overnight on dry HRW wheat weather, lack of any Russian/Ukraine resolution, and Midwest cool/wet weather. Wheat advanced with corn making new contract highs from the July contract forward, while soybeans retreated from $17.00 as concerns with China’s lockdowns that commerce will…
WASDE 4/8/22 Old crop corn and wheat carry out numbers are negative to price expectations. World wheat numbers are positive to price expectations and world corn numbers are negative.