Short covering overnight greets the last trading day before Christmas. Today is the last trading session before the Christmas holiday. Grains are closed Sunday night/Monday and Monday evening. Trading will restart at 8:30 a.m. on Tuesday, December 26. Look for thin volume with a lack of participation today. Have a safe and wonderful Merry Christmas…
Grains trade mixed overnight. This morning, Grain prices find wheat in recovery mode while soybeans soften ahead of the impending rainfall anticipated in Brazil through Christmas. After Christmas, the 6-10 day window returns to an abnormal warmth with a below-normal precipitation outlook. Meanwhile, the 11-15 day guidance returns to wet in Brazil, but guidance beyond…
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…
