Markets Begin Recovery Process; New Crop Demand Responds to Competitive US Prices in Late August

AgResource Farm Marketing Advice for Thursday: Corn Users: Secure December of 2022 corn futures to cover 50% of corn feed needs at $5.01 The CBT’s emotional correction has paused, with wheat and soy oil leading today’s recovery as expected. ARC mentioned in this AM’s wire that wheat and soy price determination are far less centered…

CBT Selling on Gulf Closure and Uncertainty on Electrical Power Restoration; China Buying PNW Soybeans & Sorghum; NASS Sept Crop Report

CBT futures are sharply lower at midday on fund selling amid the continued worry over when US Gulf export facilities will come back online. FOB and CIF offers are lacking which is frustrating importers while the futures market endures chart-based selling. Exporters that would normally buy futures to buffer the decline are lacking or nonexistent…

CBT Sinks On US Gulf Exporter Uncertainty – both on Structural Damage and the Return of Electricity; USDA July Soybean Crush Due Today

CBT futures are lower at midday on the concern of damage to Gulf export facilities amid the uncertainty of when electrical power will return? The damage unknowns from Hurricane Ida – and its negative short term impact on exports – pushed December corn to fresh lows at $5.2525. The next level of support rests at…

September Liquidation Punishes CBT; History Calls for Bottom before 1st Notice Day; Stats Canada Crop Size Slightly Larger than Forecast

New Speculative Advice: 1/ Exit 2 long KC September wheat at the market for a net gain of around 75 cents/Bu. ARC wanted to wait until after the Stats Canada report before taking profits. 1st notice day is Tuesday  AgResource Farm Marketing Advice for Monday: 1/ No new advice. AgResource Midday Comment/Analysis Midday CBT futures are…

Cash Market Soars as Old Crop Supplies Run Thin and Ida to Slow Early Delta Corn Harvest; September Options to Expire/Stats Canada Monday

The midday CBT is dull/slightly lower with any volume attributed to September forward spreading, September option expiration, and 1st notice day positioning. Someone offered 800 contracts of the November/September soybean spread in a 4 minute period that pummeled the spread/flat price. Only when the US dollar declined following Fed Chairman’s Powell speech did the CBT…