AgResource Farm Marketing Advice for Thursday: 1/ No new advice. CBOT soybeans have led a recovery in row crop values while US wheat futures trade steady to slightly lower. CONAB’s failure to raise Brazilian soy production above 135 MMTs is noted, and US weekly export sales exceeded expectations. There’s still no concrete evidence that US…
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…
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 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…
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…
