Biggest Surprise in US November Corn End Stocks in 21 Years; USDA November Report Bullish with South American Weather Critical into 2021!

 The USDA November Crop Production Report is bullish with US corn/soybean yields falling more than expected, while WASDE knifed the Ukraine corn crop to just 28.5 MMTs, while raising China’s all origin corn exports to 13 MMTs. CBOT soybean futures are sharply higher (new contract high) with the grain markets in tow. The hefty fall…

Profit Taking Ahead of USDA November Report Pulls CBOT off Early Highs; Traders Wanting To Buy Bearish Report on Concerning S American Weather

CBOT ag futures are mixed at midday with wheat values lower while corn/ soybeans hold in the green following an early round of fund buying tied to the promise of a Pfizer vaccine that proved to be 90% effective against Covid-19. That vaccine as sparked strong buying of US equities amid the hope for a…

CBOT Mixed in Low Volume Corrective Session/News Lacking With Fund Buying Slowing; China Buying Slowing, but Ongoing; S American Weather Concerning

 CBOT ag futures are mixed at midday with corn/wheat weaker while soy futures are steady to slightly higher. The volume of CBOT trade was active after the opening but has slowed at midday. Profit taking and US farm selling has capped the early CBOT rally with nearby spreads reflecting the weakening cash basis trend. ARC…

Markets Maintain Overnight Strength; US Exporters Make Rare Sale of Soy Oil to India

AgResource Farm Marketing Advice for Thursday: 1/ No new advice. CBOT ag futures are strong but have fallen from AM highs. However, sustained weakness in the US dollar has allowed new speculative money to find raw material markets, while rising US export demand and adverse global weather patterns lend fundamental support. Soy oil has led…

Soybean Futures Push Strongly Higher on Drier South American Weather Pattern; Contract Highs are in Reach; Funds Buy Soy/Sell Grains

Mixed CBOT futures are the theme at midday. The grains (corn/wheat) are lower while soybean prices rise on concerning South American weather amid a US September soybean export estimate that was larger than expected. Traders are active bull spreading July/November ‘21 soybean futures or buying soybeans and selling either wheat/corn. The soybean market is reacting…