CBT May Soybeans Test Contract High Against $14.30 on Fund Buying; South American Weather Forecast Consistent; Brazilian Soy Products Below US Gulf

Money Managers Pile into New Soybean Length on Chart Pattern Sharply higher CBOT soy futures is the keynote of the morning with May soybeans seeking to test contract highs in the lower $14.30’s while soyoil pushed to another new contract high at $49.27. Fund managers have piled into new soy length based on a bullish…

CBT Mostly Higher at Midday With November Soybeans to close above $12.00 for the 1st time since July 2014; Argentine/S Brazilian Dryness into March 6

Spreading and Charts Cap Old Crop Soy Futures; Grains Rise on South American Weather Worry. Mixed in declining volume is CBOT trade at midday. November soybeans and corn/wheat futures have paced the morning rally while bear spreading and March liquidation pressure old crop March soybean futures. March soymeal is (again) bouncing off support at $420/ton…

Option Related Selling Presses CBOT Corn/Wheat; USDA Forum Suggest that China will Import 25-35 MMTs of World Corn for Years to Come

March Option Expiration Today Produces Grain Futures Selling! CBOT grain futures are lower at midday which is tugging soybeans off their early opening highs as short March put holders sell futures to cover their risk. There was a flurry of buying on the opening, but as that new demand faded, grain futures fell on option…

CBOT Soybean/Corn Sags on Chart in Low Volume Trade; China Soy Crush Margins Return to Best Levels in Years; Wheat Rallies on Elevated Winterkill Fear

Never Sell a Low Volume Break in a Bull Market! Midday CBOT futures are mixed with wheat futures soaring while corn/soybean futures ease lower in limited volume. At midday (and including the overnight trade) just over 56,000 contracts of March soybeans and just over 52,000 contracts of March corn have changed hands. This compares to…

Wheat Paces Decline as Tuesday’s Buyers are Wednesday’s Sellers; WASDE Unlikely to Offer Bearish New Crop Balance Sheets; Argentina Forecast Stays Arid

It has been a mixed session at the CBOT with corn/soy futures trading both sides of unchanged while wheat has retraced yesterday’s gain. CBOT midday volume has been modest with China and most of South America still out for holidays. For today, the sagging wheat has been a bearish catalyst for the summer row crops,…