US Wheat Futures Rally to Strong Gains on Potential Russian $30/MT Export Duty; N and C Brazilian Heat/Dryness for Next Week Elevates Crop Worry

CBOT early selling pressure faded with US/European wheat futures sharply higher at midday. The prospect that the Russian Gov’t will be applying either duties, quotas, or a combination of both has world wheat traders jumpy. Russia is the world’s largest grain exporter, and the loss any percentage their exportable supply would push demand to the…

CBOT Futures Retreat on Lack of Bullish Surprise in USDA Report; South American Weather Stays Concerning; The Final Days of the Index Roll

CBOT values have shifted to mixed at midday following the USDA December Crop Report. The report tends to be a nonevent for the marketplace, this year’s report did not disappoint. The pullback in CBOT futures is on profit taking as the USDA did not produce a bullish surprise in the last report of 2020. WASDE…

CBOT Bounces on Reduced Fund Liquidation Ahead of USDA Report; Corn Gains on US Export Demand

CBOT values are higher at midday with soybean futures the early upside leader. Corn and wheat futures have been followers, but the tone of the market is more positive than recent days. Traders are looking to secure any intraday breaks. Tuesday’s final CBOT open interest data showed a decline of 25,601 contract decline in soybeans…

CBOT Sinks To Chart Support on Broad Based Fund Selling; No New US Sales Announced; Midday S American Forecast Drier (New Midday Market Recs)

AgResource Farm Marketing Advice for Tuesday: 1/ Soybean Producers: Buy March $13.00 soybean calls at 9.5 cents or better to replace 40% of the 2020 soybean crop. This would mean that including a long cash soybean position, ARC is back to advising being long 100% of the 2020 crops thru long call options.    …

CBOT Reverses Opening Losses on Strong US Soybean Export Inspections; China Rumors of Brazilian Soybean Buying; and Drier N Brazil Midday Forecast

CBOT futures have reversed opening losses with corn, soybeans and wheat higher at midday. The fund selling slowed with rumors of China booking Brazilian soybeans for March/April and US soybeans in a new crop position. The volume of trade on the CBOT has been much larger than last Thursday, and the test of recent lows…