AgResource Midday Commentary: CBOT Bounces With Soyoil Holding Chart Support; Brazilian Premiums Rise on Demand; Wheat Falls on Russian Cash Sales Aggression

Mixed are CBOT grains at midday with corn/soybeans recovering while wheat futures hold in the red due to sagging Russian/Black Sea price offers. CBOT March soyoil tested its prior contract low at $.4449 and bounced. Strengthening cash basis bids and the rally in the Brazilian paper market offered early day support. Debate persists over South…

AgResource Midday Commentary; CBOT Sinks on US Employment Report and Surging US Dollar; US Central Bank Rate Cut Not Until May/June; Argentine Rain for Late Next Week

 Midday CBOT grains are weaker amid the better-than-expected US January Jobs report causing a rally in the US dollar and pushing backwards the chance of a US Central Bank rate cut until May or June. The US added 353,000 jobs in January, nearly double initial expectations. The US health care industry added 100,000 jobs while…

AgResource Midday Commentary; CBOT Soybeans Sink on Sell the Fact Soymeal Selling; Midday GFS Forecast Slightly Drier for Argentina/S Brazil; ARC Doubts China Rumors for French Wheat

Midday CBOT grains are mixed at midday with wheat/soyoil futures rising while corn/soybeans/soymeal futures sag. Paris wheat futures bounced from long term support at $207.50 amid rumors that China was asking for French CIF offers for March/April. Note that March Paris wheat futures has traded a massive 42,000 contracts so far today. The volume and…

AgResource Midday Commentary; CBOT Consolidates Early Losses; Midday GFS Drier for Argentina/Southern Brazil; US Ethanol Production Tries to Recover

Midday CBOT grains are slightly lower in thinning trade heading into the end of the month. Tuesday’s reversal rally is being noted along with the crowded short position of managed money as supporting the market on breaks. However, with crude oil futures lower and China’s economy sputtering, few fund managers have any desire to chase…

AgResource Midday Commentary; CBOT Reverses as Traders Ponder South American Crop Sizes; GFS Forecast drier in the 15 Day Period; Key Soy Crush Data Out Wednesday/Thursday

Midday CBOT grains are higher with buying noted from the 8:30 AM CT reopening.  A turnaround Tuesday is forming with traders suggesting that the IMF’s suggestion of a stronger Q2 world economic outlook is helpful for raw material markets. Energy futures have rallied all morning with April crude targeting resistance at $78-80.00 amid rising Mideast…