Wheat fell a sharp 10-20 cents on additional long liquidation ahead of the US tariff deadline. If tariffs are implemented, the USDA’s July WASDE will account for trade issues between Canada, Mexico & others. The risk is that the US’s share of wheat exports to Mexico will be downgraded. Funds sold 13,000 contracts in Chicago.…
US Forecast Slightly Cooler Next 10 Days; Still Dry: The EU & GFS models are a bit cooler than previous runs, but normal/above normal temps will stay intact. Overnight minimums will stay in the low to mid-70s. Otherwise, the upper air pattern will keep the mean position of the jet stream north of major crop…
September corn ended 13 cents lower amid as no change to US trade rhetoric is apparent. The first round of tariffs will be implemented Friday. Retaliation is due immediately. The issue for corn is ongoing weakness in the soy/corn ratio. If prolonged more acres will be devoted to grain production. Along with modest expansion in…
Buried under trade negotiation fears and the USDA reports on Friday, was the release of the EIA’s monthly Biodiesel report. The report showed US biodiesel output for the month of April at 140 Mil Gal’s, down 7 million from March, but 13 Mil Gal’s more than a year ago. It was also the largest April…
CME hog futures traded sharply mixed through Monday. July was slightly higher at the close, August was more than $2 lower, while 2019 contracts were all more than $1 higher. December again marked a new contract low, and then closed moderately higher. The cash index was down $.63 to start the week at $83.69 and…
