China may have bought grain, and Russia grumbles. Grain futures firmed overnight as Russia is now talking a little smack as they are creating a hurdle to extend the Black Sea Corridor amid the recent US/EU sanctions impacting their financing/insurance and Azov Sea grain transportation. Russia states that the new economic sanctions encumber their grain/fertilizer…
Grains search for a liquidation low. Grain futures are mixed this morning after initially seeing a rally across the board overnight. Soybeans moved higher as China’s PMI index showed a surge that reflects expanding domestic demand for commodities and the hope for a Chinese recovery. French milling wheat opened softer early this morning and is down…
Spec trade: Lower stop on May corn to 634.4 and June hog stop to 100.65. May corn futures should find support above the December low ahead of the start of negotiations for the Safe Grain Corridor late this week, as Russia will probably have an ax to grind on the new sanctions started last Thursday….
Soybeans hit with deliveries Grain futures are lower across the board this morning, with soybeans tumbling from the start as deliveries as 411 contracts were tendered against the March contract from Cargill. In addition, there were 8 contracts of soybean oil and 352 contracts of corn. Kansas City wheat found 245 contracts delivered, with 911…
Some rains arrive in the Western HRW wheat belt. The grain trade is mixed this morning, with soybeans finding buying interest on continued forecasts of heat and dryness over the next 10 days as the Argentine crops push quickly to maturity for their final yield. Wheat pressed lower overnight, with Kansas City and Chicago rechallenging…
Cattle On Feed On Feed: 96% vs 96% estimate Placed: 96% vs 97% estimate Marketed: 104% vs 104% estimate Cattle numbers are neutral for Monday’s reopening of trade.
US dollar works above 105.00 on a hot PCE inflation number. Grain prices are all lower this morning on the day that marks the one-year anniversary of the Russian/Ukrainian war. Recent media headlines that implied a larger insurgency by Russia have not materialized, and grain prices have declined, with wheat now priced below where it…
Farm Forum estimates released. This morning’s grain trade is mixed after the USDA released its 2023 forum outlook and balance sheets. WASDE put corn seedings at 91 Mil acres, up 2.4 Mil from last year, soybeans at 87.5 Mil acres, nearly equal to last year, and wheat seedings were up 3.8 Mil acres to 49.5….
