The grain trade reverts to sell mode. After several days of price recovery, yesterday, wheat led the renewed decline in the hard wheat contracts, and then overnight, soybeans are also on the retreat. The culprit of course continues to be poor exports, and this morning’s export sales again were just mild, as expected. Meanwhile, yield…
Short covering the future of overnight trade. Grain prices rallied overnight on short covering from fund managers ahead of this Friday’s September 1 Grain stocks and final Small Grains Production report. Wheat price strength faded as Egypt announced a new wheat tender for 1 MMT for the last half of November with negotiations to purchase…
Grains are set to test Turnaround-Tuesday. Grain trade was mostly higher overnight until subsiding during the early morning hours, as crop ratings showed the soybean crop down 2% to 50% G/E with 12% of the crop harvested. Corn ratings increased by 2% to 53% G/E with 15% harvest complete. Numerous analyst models continue to suggest…
Grains are mixed after a soft overnight trade. Grain futures are mixed to start the week, as the focus will start to turn to the NASS September 1 Stocks, and the 2023 Final Small Grains report out this Friday. It is not uncommon to get some statistical surprises, as the March and June stock data…
Cattle On Feed 9/22/23 On Feed: 97.8% vs 97.7% estimatePlaced: 94.9% vs 93.6% estimateMarketed: 94% vs 94.7% estimate The report was neutral to market expectations with little influence to Monday’s opening.
Short covering the overnight feature in the markets. Grain futures rallied overnight as the commodity/equity world recovered from Thursday’s risk-off session. The yield on the 10-year note reached just under 4.5% from the results of the hawkish comments from the Federal Reserve on Wednesday that rates will be higher for longer. This refocused the marketplace…
Grain prices lower with stocks and commodities on risk-off. Grain futures are lower this morning, along with most commodities, as the US dollar strengthened towards 105.50 on the Federal Reserve’s hawkish comments yesterday. The Fed’s stated stance that rates will stay higher for longer, sent crude oil, along with other inflationary commodities lower. Chairman Powell’s…
Grain prices improve overnight. The morning grain trade is higher this morning, led by wheat, as Russia is back enforcing price floors for wheat at $270/MT FOB. Trade is active today, with Algeria looking to buy Russian and EU wheat and Egypt’s GASC back tendering for a November delivery. Australia’s wheat cash offers continue to…
Grain prices rebound from overnight weakness, with a potential turnaround Tuesday ahead. Grain prices were pushed lower overnight, but early morning short covering has cut losses substantially. Ukrainian officials reported that a bulk carrier departed from Chornomorsk (Black Sea port) for an Asian destination, loaded with a shipment of wheat. The interesting part is that…
Wheat prices drifted overnight after last week’s lift. Prices are lower for wheat this morning and mixed/soft for corn and soybeans, as wheat prices correct last week’s recovery burst. Wheat prices softened on the lack of any threat to Russian export potential while Russia continued to bomb the Ukrainian port of Odessa on Sunday. Also,…
