AgResource Mid-Day Commentary: Markets Digest CONAB Report then Fade; Argentine Crop Health Worsens

AgResource Farm Marketing Advice for Thursday: 1/ Wheat Producers: Sell 25% of 2021 wheat crop if March Chi wheat reaches $8.80.                                CBOT futures are mixed at midday following new rally highs this AM amid CONAB’s massive cut to Brazilian soy production. The market has now seen a sub-130 MMT Brazilian soy crop printed by…

ARC Mid-Day Commentary; USDA Report Offers No Statistical Fireworks as USDA Punts Until March; China Booking US Soybeans; S American Weather Threatening

CBOT futures are higher following the USDA February report with South American soy crop sizes falling a 3-country combined 8.7 MMTs (on top of the record 9.5 MMTs cut in January). And China is securing additional US soybeans while the midday Southern Brazilian/Argentine weather forecast stays arid. The CBOT will look to South American weather,…

AgResource Mid-Day Commentary; Stats Canada Surprises on Year End Wheat Stocks; Additonal Soybeans To China/Unknown;South American Forecast Threatening

CBOT futures are mixed with wheat posting gains on the Stats Canada December 31st stocks data, while corn/soybeans sag on long liquidation/risk reduction ahead of Wednesday’s USDA February Crop Report. The volume of trade is active with market volatility elevated. The February crop report does not often fan sizeable market moves, but this year could…

AgResource Mid-Day Commentary; Soybeans/Soymeal to New Contract Highs; China bidding for Additional US Soybeans; Argentine 2nd Corn Crop At Risk

Corn/soybean futures are posting sizeable midday gains. Soybeans has scored another set of new contract highs on new potential South American crop losses. And China is behind in their soybean purchases with rumors that state buyers of COFCO/Sinograin becoming more active to secure US soybeans for the state reserve. Many Chinese watchers expect that China…

AgResource Mid-Day Commentary; CBOT Trades Both Sides in Consolidation; South American Average Crop Estimates Surprisingly High; US Economy Rocks

It has been a mixed morning at the CBOT with the grains firmer while profit taking (amid high prices) causes a two-sided trade in the soy complex. Meal/oil spreading is noted, but without much vigor. The bullish demand outlook stays intact for world vegoils, but the meal bull story is based entirely on South American…