AgResource Farm Marketing Advice for Tuesday: 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 values are mixed at midday, with soybeans and meal slightly, wheat down 9-17 cents on US dollar strength and…
CBOT values are sharply lower following the USDA January Crop Report. The report raised US corn and soybean yields and cut harvested acres. 2024 US winter wheat seedings fell 2.3 Mil acres to 34.4 Mil acres. The biggest wheat class drop occurred in US SRW seeding which was down 13% to 6.86 Mil acres with…
CBOT values are mixed with profit taking noted in long grain/short soy spreads ahead of the January USDA report tomorrow. Trade volume has been more active this morning due to pre-report positioning. The January USDA report is the most important of the winter and several large funds wait until after the report to engage in…
Another slug of fund/momentum selling was evident in the first hour following the 8:30 AM CT day session opening. The spec selling was felt in corn, soymeal, soybeans — and to a lesser degree in wheat. Much of this selling is based on prevailing bearish price trends and momentum. Algos/AI pushes trends until the market…
It’s Turnaround Tuesday following some early day speculative selling in soybeans/meal shortly after the opening. Managed money is liquidating a stale/unprofitable soymeal position which tugged March soybeans to a new low at $12.34. ARC estimates that funds are 29–32,000 contracts of soymeal long – which they are trying to get out of to cut their…
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