Soybeans moved sharply higher to start the week. The grain trade finds soybeans sharply higher this morning, supporting the other grains, as world markets react to the USDA’s shocking drop of 4 million soybean acres from the March 31 data. The total US cropped area of 314.5 Mil acres would be the largest in eight…
USDA Crop Report 6/30/23 Crop report extremely bullish for soybeans on stocks and acreage, bearish for corn on acreage
The June Stocks and Seeding report out at 11:00 a.m. today. Short covering kicked in overnight, with soybeans posting the biggest gains. Concern over damaging Derecho winds whipping through N Missouri, S Iowa, and C Illinois on Thursday afternoon had reports and social media pictures of widespread downed corn (which typically at this stage will…
Grains trade mixed overnight rather than collapsing as the week has seen. Grain futures are not sharply lower this morning as they have been in the last several sessions, but traded mixed overnight and ended the morning session a couple of pennies lower. Stability should find its way into the marketplace today as good rain…
Grains continue their liquidation, with rain likely in the dry Midwest. Another morning of sharply lower grain prices as the weather models inside the five-day forecast show abundant chances of rains of over 1.00” in the driest areas of the Midwest for the weekend. Storm clusters overnight moved across northern and eastern IA. With recent…
Big rains arrive in the forecast for the dry Midwest doughnut. Grain prices are sharply lower, peeking on the opening tick of last night’s trade after the market saw sharply lower crop ratings from the NASS and seen selling throughout the night as weather models bring better rain opportunities into the dry Doughnut area of…
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…
