AgResource Midday Commentary; CBOT Falls Hard on New Managed Money Selling; Cash Brazilian Basis Sag on the Advancing Soybean Harvest: GFS Midday Slight Drier for Argentina

CBOT grains are weaker at midday with soybeans, soyoil and soymeal forging new lows for their respective declines. Soymeal has been able to recover on active oil share spread unwinding while corn/wheat futures are just off their mid-morning lows. Worry about China’s real estate sector and future consumptive demand along with the ongoing decline in…

AgResource Midday Commentary: CBOT Weak at Midday; Exporters Sell Soymeal to Unknown; Other Bullish News Lacking as Int’l Market Shed Premium

AgResource Farm Marketing Advice for Friday: 1/ Soybean Producers: Sell 20% of your ‘23 soybean crop at $14.19 March. 2/ Wheat Producers: Sell 25% of the ‘23 wheat crop 25% at $6.59 basis March Chicago. CBOT grains are weaker at midday, with day’s break paced by wheat following China’s approval of Argentine origin as an…

AgResource Midday Commentary; CBOT Soy Sinks on Falling Brazilian Export Premiums; Midday GFS Drier for Argentina/S Brazil; North African Dryness Supports Wheat

CBOT grains are mixed at midday with soy/corn lower with wheat futures posting modest gains. The selling accelerated in soybeans/soyoil on sagging Brazilian soybean export premiums and weaker D4/D6 RIN values as US renewable diesel capacity dramatically grows. The massive Philipps 66 Rodeo, CA plant will soon be fully operational which adds to the supply…

AgResource Midday Commentary; Arctic Cold Collapses US Weekly Corn Ethanol Grind; GFS Drier in the 11-15 Day Period for Argentina – Few Showers on February 1-2

CBOT grains are higher at midday with corn, soybeans and wheat pushing upwards on short covering and chart buying in Chicago wheat. Sliding South American crop sizes are in the background of the CBOT rally with Argentine heat/dryness getting discussion among traders. Today, there is no reason to cut Argentine corn/soybean yield estimates, but that…

AgResource Midday Commentary; Choppy CBOT with Midday Volume in Decline; Brazilian Soy Crop Size Importance; GFS Little Changed with Slight Increase in Argentine Rain After Feb 2nd

Short covering has been featured in morning CBOT trade with corn, soybeans and wheat trading higher in moderate volume. The record short ownership position of managed money combined with stable/firm cash basis bids has sparked a bounce. ARC notes that US and South American farmers are tight fisted with cash grain sales, but Brazilian farmers…