New CBOT Corn Contract High ($5.4375 Mar) on New US Sale To China; US Soy Demand Rationing Elusive (Needed)

CBOT futures are mixed at midday with the summer row crops firmer, while wheat sags on intercrop spreading. Traders are using wheat as their short leg against long corn/soybeans amid building market volatility. The wheat/corn spread has narrowed to a premium of $1.24/Bu with corn being the bullish stalwart. Canola futures have soared to fresh…

Canola Soars above $700/MT to Best Price Since 2008;China Rumored to have bought 2 MMTs US Corn;Soybeans Too

 Midday CBOT futures have rallied sharply with corn, soy and wheat posting strong gains on fresh US export demand. Demand led markets respond to new sales with vigor as US cash supplies/stocks dwindle. And exporters continue to sell US soybeans as a rapid pace, which means that US crushers must cut their runs so the…

CBOT Futures Soar on Commercial Buying; Need for US Soybean Demand Rationing; Brazilian Harvest Delays

CBOT futures have rallied sharply to start the week as SE Asian hedge fund selling has ended and commercials have stepped forward to extend their coverage. There are air pockets above and below the market with limited selling noted until March corn reached $5.10 and March soybeans $13.45. The wheat rally has not been as…

CBOT Sharply Lower on Massive Fund Selling; Funds Sales Dominate Trade; No Fundamental Explains the Acute CBOT Break

CBOT futures are sharply lower at midday  The market tried to bounce off the overnight lows on larger than expected US weekly exports of summer row crops while wheat has tried to follow. Wheat futures have languished with little resolve amid sinking Paris  futures on a pickup in French farm sales. The volume of CBOT…

Wheat Falls As Russia Won’t Install a Wheat Export Quota – Just 50 Euro Tax; Soybean Spreads Tighten on Demand

 News that the Russians were not going to more restrictive on 2020/21 export volumes pulled CBOT futures lower from a sharply higher CBOT opening. Wheat paced the AM decline as Russia will keep exporting wheat at elevated prices. The €50/MT ($1.65/Bu) Russian wheat export duty will be signed and applied on March 1st, but this…