CBOT ag futures were unable to sustain an early rally and are mixed at midday. Corn/soy futures initially rallied, but fund managers continue to cut risk and are using bounces to add to their sales. Worth noting that are larger percentage of the day’s volume is occurring overnight as London hedge funds adjust their positions. With…
AgResource Farm Marketing Advice for Thursday: 1/ Soybean Farmers: Exit short November 2021 hedge at $9.61 for modest loss on 15% of expected production. This reduces hedge coverage to 20% of expected 2021 soybean production. Filled 2/ Livestock Producers: Cover 50% of estimated 2021 Dec-March soymeal needs at $356.60 basis March soymeal futures. Filled …
AgResource Farm Marketing Advice for Wednesday: 1/ Corn Producers: Sold March $4.00 corn puts and bought March $4.20 corn calls at a credit of 2 cents to replace 50% of 2020 cash corn sales. Filled on the reopening. 2/ Soybean Producers; Sold Mar $10.20 soybean puts and bought $10.80 calls at a cost of 3 cents…
A push to new highs in nearby corn/soybean futures did not follow through to the upside which has sparked profit taking with CBOT values retreating at midday. Corn/soybean futures are lower while wheat tries to hang in the green. There is an “air” of correction in the marketplace as speculators have trouble buying December corn…
Other than soyoil/November soybean futures, it has been a day of retracement at the CBOT. Deliverable CBOT corn receipts were cancelled which is underpinning the December/March spread (only 1 receipt is outstanding at Ottawa) while wheat prices are under pressure from wet weather forecasts for the Central US Plains and the SW Russia. After heavy…
