World Wheat Markets Collapse on Chart-Based Selling, Lack of Bullish Input: World wheat markets ended sharply lower as cascading sell orders were enacted. Fundamentally, the trade continues to reel from USDA’s 6 MMT hike to major exporter production, which may be raised further once Argentine yield data is fully available. However, ARC’s work suggests wheat…
Soybeans Trade Steady at Midweek: Soybean futures were mixed around unchanged on Wednesday, with the Jan/Mar soybean spread rising to a 5 month high of -2.75. In the product markets, soybean meal corrected some of Tuesday’s strong gains, while soybean oil fell to a 6 month low and then closed sharply higher. NOPA soybean oil…
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CBOT futures are lower at midday with the sinking of US wheat futures helping to pull corn off a 5-month high. Hot/dry Southern Brazilian/Argentine weather underpinned corn/soybean futures in early day trade, but energy/stock values declined ahead of an expected policy announcement of a more hawkish US Central Bank. The US Fed is expected to…
Summary: US ethanol production was unchanged after being up 5.3% the previous week. Ethanol stocks rose 2.1%, the opposite of what some traders had expected. Gasoline consumption rose 5.7% from the previous week. Also, gasoline use was up 1% from 2019 (Pre-Pandemic). Blender demand is estimated to have risen 2%. Ethanol producer cash-based margins were…
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