French milling wheat tumbles to new 19 month lows. Grain futures moved lower overnight after an initial firm start, with French milling wheat leading the decline in the early morning hours, declining $7.00/MT (20 cent Bu equivalent), putting heavy pressure on wheat, extracting their 10-day gains from the March 10 low. Weakness in wheat spilled…
Grain prices trade higher in the early morning hours. Grain prices firmed overnight on the lack of outside risk-off liquidation. Overnight outside markets reflect a calm, as money has been found to be thrown wherever there was trouble, with the US dollar heading lower ahead of the onset of the Fed meeting today and Wednesday…
Spec trade: Buy June cattle at the MKT, 156.20 last, with a 154.70 stop.
Grain prices lower on macro risk-off mentality again. Grain prices retreated overnight, with soybeans pressing to new calendar lows as macro markets headed lower overnight, while gold burst through $2000 overnight briefly for the first time since March 2022 before retreating into the 1980 range. Risk-off trading is again in vogue as UBS needs to…
Grain prices trade firm overnight. Grain prices were firmer overnight as corn anticipates another Chinese corn sell announcement, wheat is concerned with Russia standing fast with the 60-day corridor door extension, and BAGE makes cuts to the Argentine corn and soybean crop again. Concerns could evolve with today’s quad-expiration of options and futures for indexes today…
Cattle On Feed On Feed: 96% vs 95.6% estimate Placed: 93% vs 93.9% estimate Marketed: 95% vs 95.8% estimate Cattle numbers are mixed for Monday’s opening with placement’s slightly friendly while marketings a little less than expected.
Grain trade is mixed as is outside markets this morning. Grain futures are mixed this morning after a low volume will night session. The European banking sector is calm today as the Swiss National Bank offered a $50 billion line of credit to Credit Swiss (Credit Susie). This was highly anticipated late yesterday as the markets…
Overnight grain strength muted with new outside market concerns. Grain futures pushed higher early last evening, with corn gapping higher on the release of the COT report showing a sharp drop in corn length of 140,000 contracts. This is much larger than expected as the CFTC is catching up on managed money positions. This drop…
CPI data this morning comes in mostly near estimates. Grain prices softened overnight after yesterday’s poor technical close as liquidation continues in the present risk aversion atmosphere. Open interest fell in yesterday’s liquidation, reflecting an attitude of fewer players participating, decreasing liquidity and creating sharp spikes or dips much more quickly on headlines. The Black…
Outside market influences send grain prices lower overnight Sunday night, the grain trade opened higher, which was the end of it, as macroeconomic nervousness brought about selling throughout the commodity sector, except for metals pushing higher as the dollar declined. Despite the horrible weather experienced in Argentina over the weekend, the market focused on another…
