Markets Extend Overnight Weakness; GFS Drier in Midwest; Ethanol Production Scores New Post-Covid High

AgResource Farm Marketing Advice for Wednesday: 1/ No new advice. A ‘The trend is your friend’ mentality prevails at the CBT, with corn, soy and wheat futures shedding additional premium as needed heavy rain looks to fall across the US Northern Plains and Canadian Prairies Thurs-Sat. The arrival of very late season rain in Southern…

Midday Values Turn Mixed in Battle of Improved Central Weather vs. Strong Cash basis Bids & a Fresh China Purchase of US Corn; CBT Trade Volume Slows

Another large Chinese purchase of US new crop corn along with historically stout cash basis levels is lifting midday CBT  corn values, but wheat and soy futures are mixed to lower. Corn has been the upside leader because of the Chinese corn buying while soybeans sag on the slower US NOPA processing rate. US soymeal…

July Corn/Soybean Futures Rally on Strong Cash Bids; NOPA Report Disappoints on Low April Crush; Midday Forecast Trims Northern Plains Rainfall Totals

CBT futures are mixed at midday with an early corn rally failing to pick up any upside momentum as the market needs to technically heal. Last week’s conservative nature of WASDE in estimating 2021/22 US corn/soybean exports along with the Informa/Markit new crop corn acre estimate finding 6.0 Mil acres (96.8 Mil acres) has produced…

CBT Morning Rally Retreats on Massive Fund Liquidation in July Corn; US Coast Guard Reopens the Miss River; Midday GFS Drier for N Plains/NW Midwest

The US Coast Guard has reopened the Mississippi River with traffic trying to return to normal. The 1.5-day closure will have a limited impact on the US grain export industry. The I-40 bridge is seen as stable without a load factor and normal river navigation is resuming. CBOT futures are sharply mixed at midday with…