Soybeans failing to act friendly. Soybeans were drug higher in this morning’s rush with corn and wheat, but failed to take out moving average resistance and take out a previous day’s high. This is concerning that soybeans are making an end of the month high and will likely press lower into the November 9 crop…
First notice day for November soybeans is Friday. Grain futures are mixed a mostly lower this morning, with first notice day for November soybeans on Friday. Corn is pausing along with wheat after yesterday’s spectacular run, while soybeans try to find stability from the weakness experienced from yesterday’s high. The concern with soybeans is that…
Grains start lower from yesterday’s poor technical close. Grain futures are lower this morning as follow-through selling from yesterday’s retreating close carried into the night session. Before recovering on an Egyptian wheat tender, wheat futures were as much as 7-10 lower overnight. Egypt is tendering for early December and is expected to secure Romanian/Ukrainian supplies….
Turnaround-Tuesday is in play until it’s not. Grain futures initially pushed higher on the opening of the evening session but faded through the evening on Turnaround-Tuesday risk-off mentality. End of the month profit taking is occurring, with yesterday’s weekly crop progress reports inspiring the row crop bounce. 64% of the US winter wheat crop is…
Grains recover from overnight early weakness. Grain prices opened lower overnight initially from harsh comments from the Chinese Communist Party against the US in public papers in their country. However, buying resumed at 8:00 PM CDT when Chinese trade opened, and their corn and meal futures surged higher. This, along with crude oil making new…
Cattle On Feed and Hogs and Pigs Report On Feed: 99% vs 99.3% estimatePlaced: 97% vs 101.4% estimateMarketed: 97% vs 97.2% estimate Cattle on feed report for placements was bullish compared to pre-report estimates, look for a firm to sharply higher start on Monday.
Wheat futures lead overnight advance. Grain futures turned higher from the onset of the opening last night, with wheat being the leader. Rising Russian export taxes for wheat, with Russia setting this coming week’s export tax at $67/MT and corn at $49.70/MT. News that Egypt will be seeking a wheat tender, which they had canceled…
Grain futures pause recovery price run. After becoming extremely overbought from 5 straight higher sessions since the USDA crop report low, grain futures pressed yesterday highs overnight and faltered into profit-taking in the morning hours. Export sales were deemed strong, with 50 million bushels of corn and 105.8 million bushels of soybeans sold. Good exports…
Veg oils around the world make new contract highs. Grain futures pushed higher overnight for the 6th day in a row of higher movement since the lows were made last Wednesday, October 13. Again, the leadership comes from the veg oil market, with Palm oil, EU rapeseed (up 10% in 2 weeks), Canadian canola, and…