Stronger CPI keeps pressure on the FED The grain trade overnight was lower as yesterday’s strength in corn and beans went into correction after outside markets tumbled hard rolling into today’s CPI report. The Consumer Price Index this morning came in the highest in 40 years jumping 8.6% year-over year. This set outside markets with…
Weather remains threatening next week for the Midwest. Grain futures are lower on technical considerations, with the wheat market failing to respond to the lack of progress for any export corridor deal that Russia has tried to work with through its Turkey meeting yesterday. Corn and soybeans could not maintain follow-through buying overnight and drifted…
Soybeans post new contract highs overnight. Grain futures pressed higher overnight with old crop and new crop soybeans making new contract highs for the year. (July beans are spot, and the spot high made in March is still at 1759.6 to clear.) Corn also followed beans higher in a sharp manner on the possible ridging…
The current planted corn crop rated the best in years. Overnight grain futures were mostly softer on corn crop ratings or better-than-expected and the upcoming Russian/Turkey meeting in Istanbul on the proposed Ukraine export corridor clearing. Ukraine confirmed Monday that it has not yet been included in any pending Istanbul talks, which start on Wednesday….
Russia blows up a Ukrainian grain port. Grain futures moved sharply higher overnight, with wheat futures gaining $0.50 at one time as Russia destroyed one of Ukraine’s grain export ports of Mykolaiv, circumventing the potential of significant grain exports leaving Ukraine in any hyped safe passage corridor. This port handles just over 1 MMTs of…
Grains starting the last day of the week on the defensive. Grain futures are mostly lowered to start the last day of the week, with China on Dragon Boat Holiday, this is creating no follow-through buying interest to Thursday’s strong soybean close. This past week’s sharp price decline in wheat and corn is tied to…
Egypt pays record value for wheat. Grain prices are in strong recovery mode today, led by the wheat market, as Egypt’s purchase of wheat yesterday was at a record price of $480/MT CIF for 465,000 MTs of wheat. The wheat purchase was of Romanian, Bulgarian and Russian sourced wheat. The Russian wheat came with the freight…
Turn-around Tuesday on Wednesday. Grain futures stabilized overnight after yesterday’s last day of the month, heavy liquidation on the renewed story of Pres. Putin’s ongoing conversation of allowing grain exports out of Ukraine providing sanctions against Russia are lifted. Putin continues to press that he’s not the bad guy for the soaring world food values…
Putin is back to making headlines. Grain futures overnight had soybean futures pressing to new recovery highs to near $17 50 before retreating, while wheat futures dropped sharply from a steady start with Pres. Putin again continues to play with the world grain trade by keeping the possibility of Ukrainian grain flows alive. The Kremlin…