AgResource Mid-Day Commentary; US Corn Exports a Bullish Surprise for February; Plains and Central Brazilian Weather Forecasts Arid; Yield Concern Rising

CBOT values are higher with KC wheat the upside leader as traders discuss a US 2022 all wheat yield of 45-46.5 BPA due to the disappointing US winter wheat crop ratings released yesterday. Moreover, the EU monthly weather forecasts were just released, and they show a deepening Central US drought from June thru August from…

ARC Mid-Day Commentary; USDA Confirms that China Secures 1.0 MMTs of US Corn; European Rapeoil at Record $1.02/pound, Dryness for the Plains/Central Brazil

CBOT values are sharply higher as premium is added as the Russian war against the Ukraine rages on. Corn, soybeans, and wheat futures are all posting sharp midday gains – even with China on holiday. The volume of CBOT trade has expanded with traders preparing for the start of the Goldman Roll on Thursday.  New…

AgResource Mid-Day Commentary; Dec Corn Nears $7.00; Old/New Crop Corn Spreads Collapse; 5 Wheat Suppliers Around the World Need to be Monitored

Sharply mixed are CBOT values at midday with active bear spreading noted in old/new crop corn. Its not often, but corn spreads have been more violent than flat price – which is saying a lot when the corn daily price range exceeds $.25/day. The May-December corn spread peaked on March 3rd at $1.3575 and has…

ARC Mid-Day Commentary; NASS Shocks Traders with US Intended Corn Acres of 89.5 Mil; Soybean Intended Acres Record Large at 91.0 Mil; Soy/Corn Ratio Narrows to 2.1:1

The NASS March Intentions Seeding Report was bullish for corn/wheat and bearish for soybeans. Combined US corn/soybean seedings rose to 180.5 Mil acres, down 100,000 from last year. US all wheat acres rose by 700,000 acres to just 47.4 Mil acres. Northern Plains farmers opted to seed more soybeans vs spring wheat due to margin.…

AgResource Mid-Day Commentary; CBOT Races Higher to Add Back War Premium Ahead of the USDA Stocks/Seeding Report; China Active Booking US Soybeans

War on/War off — Today the war is on!  Putin continues to send rocket bombardments into Ukraine and shows no willingness to slow or shift Russia’s military action – contrary to all the talk on Tuesday. The peace talks have broken down and most sources doubt that either president will be willing to speak face-to-face…