Russia experiences leadership turmoil. Grain futures opened last night with mixed volatility, but by morning are all higher to sharply higher for soybeans and wheat. Returning strength overnight came from a Russian Coup attempt by the Wagoner group that throws Geopolitical concern for Putin’s future. The ability of the Wagoner Group to so easily capture…
Cattle On Feed 6/23/23 On Feed: 97% vs 96.6% estimatePlaced: 105% vs 101.7% estimateMarketed: 102% vs 101.6% estimate The report is slightly negative on the feeder cattle number compared to pre-report estimates.
Will rain make some grain? Grain futures are extending their sharp losses for the second day in a row, as the EU/Canadian weather models have gone wetter in their 10-day Midwest rain forecasts. The driest areas will still likely show ongoing deficits despite the rain. Rain this weekend has a Ridge riding system producing rain…
Grain futures spill into a price correction overnight. Grain futures are lower, with corn and soybeans sharply correcting after Wednesday’s powerful gains. The markets have become elevated and extremely overbought even with the prospects that are fully known that yields will not make trendline even if rains arrive at the end of the month. Soy…
Crop rating surprise boosted overnight. Grain futures moved sharply higher again last night as crop condition data dropped sharply from Monday afternoon’s reports, nearly double expectations. Soybean oil traded down the 4% limit at one point last night, as Tuesday afternoon has rumors that the EPA will announce a disappointing 7% increase in biodiesel/renewable diesel…
Crop ratings tumble double expectations. Crop condition ratings this afternoon surprised the trade declining twice as much as expected. Another week of 2-3% declines from the GD/EX category was anticipated for corn and beans. Corn declined 6% to 55%, while soybeans declined 5% to 54%. Spring wheat ratings also surprisingly drop 7% to 51% GD/EX….
Grain prices give up overnight gains. Grain futures are mostly lower this morning after a firm/higher start last night on the concerning US Central weather pattern that will bring a further decline in corn and soybean good/excellent ratings this afternoon. Profit-taking hit overnight as the weak Brazilian corn and soybean FOB offers pulled values lower…
Hedge recommendations Meteoric rises typically can get exhausted ahead of a three-day weekend. Consider the following hedge recommendation to add to prior sales as we were only 35% sold total. Make a 10% sale of December corn in the current 595 price range. Make a 10% sale of soybeans on the November bean contract currently…
Grain futures continue sharply higher ahead of a 3-day weekend Grain futures continued their aggressive move higher as the various weather models continue to elude the prospects of reasonable rain into the donut of the Midwest that is dry through the next seven days. As of midweek, the market has fully gone into rationing mode…
New crop corn and beans push new monthly highs overnight. Grain futures turned higher Wednesday night and did not look back, with double-digit gains seen on new crop corn, soybeans, and Chicago wheat. 10-day forecasts are still looking for rain into the final week of June, and the dry Easter Minnesota/Wisconsin/eastern Iowa/Illinois donut continues to…
