Sharply lower equity markets creates risk-off in commodities. Row crop futures moved sharply lower last night as the equity markets continued their heavy liquidation, dragging energies and metals lower, which pushed corn and beans to the downside on potential bio-fuel reduced usage. (That may not be a fact heading into this time of year, but…
Spec Trade: Used the wrong chart for support. Rebuy a July corn at the MKT, 782 last with a 772 stop.
Spec Trade: Buy 1 July Corn at the MKT, 789.4 last with a 779 stop.
Stats Canada data deemed friendly for wheat and canola. Grain futures tumbled sharply in the night session, a negative reaction to the late heavy losses in the stock market, which saw risk-off trade driving prices lower. Also, a warmer forecast for next week offers more planting opportunities added to the selling. By morning wheat prices…
Tomorrow at 7:30 AM is Stats Canadas Stocks report as of March 31.
Wheat futures lead the overnight price. Grain futures had seen strength all night, with wheat futures rising as concerns grew that India would eventually ban wheat exports. Indian wheat yield/collection data as the harvest is 50% complete are already disappointing, with commercial estimates of Indian wheat production possibly as low as 93-97 MMTs. Such a…
Spec Trade: Buy 2 July Chicago mini-wheat at the MKT, 1079 last with a 1045 stop.
India lowers its wheat crop size. Grain futures had a mixed overnight session until early this morning at around 6:00 a.m., when India announced they were lowering their 2022 wheat crop to 105 MMTs, down from their April estimate of 111 MMTs. The recent record heat since March and the taking a toll on the…