ARC Mid-Day Commentary; US Ethanol Grind Stays Hot on Fat Margins; South Central Brazilian Weather Forecast Drier at Midday; GASC secures 300,000 MTs Wheat

After a lower opening, CBOT grain futures roared higher with wheat/corn being the upside leaders. Liquidation ahead of January delivery pressured soybeans/ soymeal, but ARC is not expecting that any large amount of deliverable supply that will be tendered Friday. Commercials will hold fast to deliverable CBOT soy supplies amid ongoing US export demand and…

AgResource Mid-Day Commentary; CBOT Wheat Falls to Chart Support – Drags Soy/Corn Along in Sympathy; Midday GFS Slightly Drier for S Brazil/Argentina

CBOT trade is mixed at midday with corn/soy trading either side of unchanged while wheat prices sag on active wheat/corn spread unwinding. Its Tuesday in a full week of futures trade is ahead. The charts show that soymeal, soybeans, and corn futures are overbought. Amid overbought chart conditions, futures either consolidate or decline (or a…

AgResource Mid-Day Commentary; CBOT Sharply Higher on Threatening South American Weather and Supply Loss; Iraq Rumored to Push Back Wheat Tender

CBOT futures are sharply higher at midday on a combination of fresh investment demand and growing concern regarding South American weather. European rapeseed and rapeseed oil are sharply higher to limit up. The story in tightening world vegoil supplies is ongoing with Canada crushing its 2021 canola crop too quickly. The risks are growing that…

AgResource Mid-Day Commentary: Soyoil Export Sales Massive; Iraq Seeks Wheat; Extreme Heat Probable in Argentina

AgResource Farm Marketing Advice for Thursday: 1/ Wheat Producers: Sell 25% of the 2021 wheat crop if March Chi wheat reaches $8.80. This would push 2021 cash wheat sales to 75%. CBOT futures have turned higher at midday in thin holiday-reduced volume. Increasingly, markets can’t ignore stagnant South American weather forecasts, which most likely stay…

ARC Mid-Day Commentary; South American Weather Forecast Static/Drought Like; Ukraine Discussing Limits on Milling Wheat Exports; US Cash Corn Movement Increased with $6.00 Offers

CBOT futures are higher at midday based on the bone dry Southern Brazilian and Argentine weather forecasts with increasing heat noted ahead of the Christmas holiday. Corn/soybean futures have pushed to new rally highs and broken out to the topside of a longer-term consolidation pattern. Wheat has followed with KC March testing key resistance at…