Turn-around Tuesday for the grains. Grain futures were lower overnight, with soybeans leaving the decline. The Pro Farmer Crop Tour is the low water benchmark for corn yields, and prices have acknowledged that, along with the prospects of a record bean crop. The focus is now shifting to demand, which the USDA may have overstated…
Spec Trade: Sell a Dec Chicago wheat at the MKT, 847 last with an 863 stop.
Stats Canada Crop Report All wheat production was 34.572 MMT versus an estimate of 31.6-35 MMT.Canola 19.498 MMT versus an estimated range of 18.6-20.3 MMT.Durum 6.472 verses estimate range of 5.2-6.5.Oats 4.47 versus estimated range of 4.4-4.7 MMT
Pro Farmer Tour results had corn higher overnight. Corn futures opened higher overnight on the friendly results from the Pro Farmer Crop Tour producing a yield of 168.1 BPA, while soybeans started the session lower and stayed that way for the bulk of the night. The soybean crop yield from the tour produced a yield…
Pro Farmer Tour results and Fed Summit watched today. Corn and soybean prices recovered moderately overnight from yesterday’s profit-taking selling of the early week strength. Pro Farmer tour yield estimates are released today, along with the awaiting Fed chairman Powell’s policy speech from their Jackson Hole summit.Yesterday’s Pro Farmer estimate out of Minnesota had a…
The last day for the Pro Farmer Tour is today. Grain futures for the first time this week are not sharply higher in the morning but are mixed with wheat and soybeans lower while corn maintains overnight strength. The Pro Farmer crop tour ends today, with corn and soybean yield estimates due out sometime on…
Further strength experienced in overnight trading. Grain futures pushed higher again overnight on technical follow-through momentum as prior resistance points on the corn and soybean charts were overcome. Also, the Pro Farmer tour pegged the Indiana corn yield at 177.8 BPA, compared to the 3-year average at 178.2 and last year at 193.4 BPA. The…
Lower than expected crop ratings fuel overnight gains. Grain futures pushed higher overnight on the surprise lower crop condition ratings for corn and soybeans, along with the first day of Pro Farmer yield estimates are considered friendly. Nebraska and South Dakota gave a very poor performance, while even Ohio looks less than desired than early…
Grain pricing firms overnight from a weak start. Grain prices opened lower Sunday night across the board but quickly found buying interest as China’s Central Bank lowered its lending rate by 15 basis points. This prompted buying in the grain trade as China is looking to shore up its economy after all of the recent…
