Grains trade mixed overnight. Grain futures are mixed this morning with overnight strength in soybeans found from the large soybean-producing group in Brazil called Aprosoja, putting out crop ejections. It estimated that Mato Grosso’s soybean output is down 20% from last year. If realized, this means Matto Grosso will be down seven MMTs, which is…
A lower trade across the board this morning. Grain futures are lower this morning, with soybeans also drifting ahead of the rain forecast that gets underway Wednesday. The market awaits hopeful results from the rain gauges. Yesterday’s rally in soybeans was tied to Argentina proposing a hike on its soy product export taxes from 31…
A mixed morning greets the start of the week. Grain futures had soybeans opening higher overnight while wheat and corn softened, and wheat produced the prominent weakness throughout the evening session. Kansas led the decline on proving rains again will fall across Eastern sections of the HRW belt this coming weekend. On mediocre volume, movement…
A mixed morning greets the last day of the week. This morning’s grain trade is mixed, awaiting commodity fund interest as the US dollar has topped. Expectations that the Federal Reserve will start to moderate interest rates slightly sometime in 2024 are accelerating the US dollar’s decline from heavy resistance at 104.00. Equity markets are…
Grains turn higher overnight on a falling US dollar. Grain futures were higher overnight, as the US dollar sank in the afternoon session, and this morning, it is below 102.00, off $0.50, as the Federal Reserve noted yesterday that interest rate hikes are done for now. According to Chairman Powell, “it is not likely we…
Argentina’s devaluation softens the grain trade overnight. The grain trade moved lower overnight as it focused on Argentina’s drastic currency devaluation. Argentina’s new Economic Minister announced a devaluation of the peso to an exchange rate of 800 pesos/dollar from the official rate of 366 pesos/dollar. Argentina’s central bank said they will keep the key interest…
Tuesday’s overnight trade was mostly firm. Grain prices started Tuesday higher, with wheat and corn recovering slightly from yesterday’s heavy losses, while soybeans are still firm but well off overnight highs. Late yesterday, Argentina’s newly elected government temporarily suspended its grain export register. President Milei is expected to communicate his economic plans further soon. Argentina…
Sunday nights trade broadly mixed. Sunday night’s grain trade witnessed soybeans moving higher on concerning Brazil’s lack of rainfall nearby forecast but was choppy due to Javier Milei taking office in Argentina and declaring a “New Era” with new measures to be announced soon, likely on Tuesday no cuts in the grain export tax is…
USDA Report 12/8/23 Corn and wheat ending stocks were friendly and soybeans neutral. Brazilian corn and soybean yields were a little negative towards world ending stocks.
Reduced rain in Brazil ignites new soybean interest. This morning, row crops are higher, led by soybeans, while wheat corrects its recent spectacular eight trading day rise. The 10-day Brazilian forecast is seeing rain totals reduced. The December WASDE crop report is out by 11:00 a.m. this morning which will have US supply/demand tables updated…
