Friday’s grain trade mixed start, beans near the low of the week. Grains are softer this morning, with soybean oil finding a bid as spreads unwind and meal continues to soften. Improved Argentine and southern Brazil weather for rain are on the way, with this weekend’s widespread coverage of 1-2” expected. Also, China goes on…
Grain prices drift lower after overnight short covering. Grain pricing softened overnight, as index fund flows had ceased on Tuesday, and the market now focuses on the improving prospects in Argentina and Southern Brazil, which will receive beneficial rains that slowly start today and carry into the weekend. Early week strength that was created by…
Spec trade: Sell a March been at 1528.6 GTC with a 1552 stop.
Grain prices softened after overnight gains. Grain futures pushed higher overnight on positive momentum from yesterday’s closes, with corn stalling just shy of 690 and soybeans below 1550 before turning lower in the early morning hours. GFS weather models maintain a strong likelihood that Argentina will pick up the best meaningful rains in months into…
The week starts with grains under pressure. Grain futures opened lower Monday night and pressed lower on a weather pattern shift for South America that is bringing better rain chances in Argentina, along with Russia increasing their crop size to a record 104.5 MMTs. Brazil has harvested an estimated 1% of their record 2023 crop…
Grain futures failed to build on yesterday’s rally. Grain futures are mostly lower this morning after a higher push overnight. Corn and soybeans could only best Thursday’s post-report highs by a penny before succumbing to morning sell orders. What is interesting about soybeans is that despite all the friendly news in the morning out of Argentina…
USDA Report 01/12/23 The WASDE crop report was bullish for corn and soybeans and bearish on wheat acreage. The standout is that the USDA raised the corn yield with/harvested acres by 1.6 million acres. They lowered soybean yields to 49.5 BPA, and lowered harvested acreage by 300,000 acres.
CPI data shows inflation receding. USDA report today Grain futures moved higher overnight as the Rosario Exchange in Argentina lowered its soybean output to 37 MMTs versus 49 previously in the USDA’s 49.5. They estimated corn production at 45 MMTs versus 55 MMTs previously, and if realized, exporter corn and soybean balance sheets will be adversely…
Corn and soybeans rebound overnight. Corn and soybean futures rebounded overnight along with a lift in crude oil (oil near the highs of the week up $1.50), as short covering interest inspired buying ahead of Thursday’s WASDE crop report. Wheat futures recovered from overnight losses but stayed mixed into the early morning hours. The Chinese…
Grains fail to find a Turnaround-Tuesday. Grain futures are lower today after yesterday’s poor technical closes. Improving moisture prospects in Argentina beyond January 20 continues to prompt liquidation. Russia made an aggressive offer to Egypt, taking the legs out of the wheat market once again. Kansas City wheat falls through its December low on the…
