AgResource Mid-Day Commentary; March Corn Forges Reversal Up on Arid S Brazilian/Argentine Weather Forecast; Massive Meal/Oil Spreading by Funds

CBOT futures are higher midday in a mini reversal of yesterday’s trade. Order flow and charts have been the driver of CBOT values with funds active in making new soymeal/corn purchases. Soyoil has declined on meal/oil spreading. ARC notes that soymeal open interest has risen 14,000 and soyoil 13,000 contracts in the past 2 days which…

AgResource Mid-Day Commentary; US Wheat Futures Rise on 5 Fresh World Tenders; Corn/Soybeans Sag on Weekend Argentine Rainfall; US Wheat Exports Tepid

CBOT futures are mixed at midday with corn/soybeans weaker while wheat futures recover on a building line up of world export demand. The volume of trade has been holiday reduced with this week’s corn/soybean low expected to be forged by Tuesday’s close. Key support in March corn rests near $5.80 and March soybeans at $12.50.…

AgResource Mid-Day Commentary; USDA December Report Lacked Statistical Surprises; Now a Waiting Game into December; Will World Wheat Importers Buy the Break?

The USDA December Crop Report was broadly neutral with WASDE deciding to wait until January to make any hard statistical decisions. WASDE held US 2021/22 corn & soybean end stocks steady at 1,493 Mil and 340 Mil Bu, respectfully. WADSE cut 2021/22 US wheat exports by 20 Mil Bu (as expected) and imports by 5…

ARC Mid-Day Commentary; Soyoil Pressured by Fall below 200 Day Moving Average; Wheat Declines on Biggger Aussie Wheat Crop from WASDE; US Corn Ethanol Grind Solid

CBOT futures endured early selling pressure on speculative liquidation prior to the USDA December Report tomorrow. EPA biofuel mandate headlines produced active early selling in soyoil which caused early weakness in soybeans. In fact, March soyoil futures fell below its 200-day moving average for the 1st time in a year at $55.77. The breaking of…