CBOT Tanks on Fund Selling and Fear of Larger Brazilian Soy Crop From CONAB Thursday AM; End User Support Limited as China Goes on Holiday

CBOT futures are sharply lower at midday with corn, soybean and wheat futures busting to the downside on long liquidation and tepid end user pricing. ARC notes that end users chased the market heading into the USDA February report and are not willing to substantially add on today’s break. Moreover, traders are fearful that CONAB…

USDA Disappoints in its February Report with Limited Export Demand Increase; South American Weather and Crop Size in Focus into March

The USDA statistically plodded in the February WASDE and decided not to make any big changes. This produced a negative reaction in the CBOT as the bulls exit market length and argue against USDA’s slow nature in making upward revisions to US 2020/21 corn and soybean exports. The USDA report did not feed the bulls…

Corn Scores Fresh Contract High at $5.6575 March; Soybeans Rise on Disappointing Brazilian Soybean Yields; Argentine/S Brazilian Weather is Parched

Corn futures have soared to new contract highs with soybeans finding independent strength on lower-than-expected soybean yield data from Mato Grosso, Goias and Parana in Brazil. And in the background is the bullish tailwind from the dry Argentine weather forecasts over the next 2 weeks. The CBOT has been unable to rally since the January…

US Census December Exports Surprisingly Large – Thank China; Stats Canada Data Bullish Canola/Oats/Wheat; Demand Rationing?

Low volume and mixed values rule the CBOT at midday. Nearby corn futures are sagging on modest profit taking (by the bulls) against $5.50 March while soy/wheat futures push higher on firming cash basis and feedlot demand for new crop wheat in the Plains. Plain’s corn supplies are going to be extremely tight by summer…

FAS Confirms Record Large US Weekly Corn Sales of 290 Mil Bu;China Books estimated 37 MMTs of US Soybeans; Argy Weather Dry

CBOT futures are mixed at midday with the soy complex higher while the grains sag. Corn scored a new contract high overnight at $5.58 basis March but retreated after the opening as a rumored 2 MMTs of sale of US corn to China was not announced. As ARC has been reporting, most cash connected traders…