AgResource Midday Commentary; Soybeans Rally to Exceed Last Week’s High; China has halted Request for US SRW on Price; GFS Midday Forecast Drier for N and E Brazil Next 10 Days

CBOT futures are sizably mixed at midday with wheat CBOT futures sharply lower, soybean futures sharply higher and corn caught in between. March corn futures fell to test key support at $4.75-4.60 while January soybeans held key support at $13.00 and January soymeal against $400.00. ARC notes that January soyoil futures are holding support at…

AgResource Midday Commentary; USDA December Report Non Inspiring with Limited Statistical Change; GFS Midday Forecast Like the Overnight Run – Wetter in 11-15 Day; China Secures US SRW Wheat and Soybeans

CBOT futures weakened following the USDA December Crop report as WASDE raised last year’s Brazilian soybean crop by 2 MMTs to a record 160 MMTs, while cutting this year’s soybean crop by 2 MMTs to 161.0 MMTs. The net stocks result was negligible with 2023/24 World December soybean end stocks at 114.5 MMTs – the…

AgResource Midday Commentary: CBOT Recovers After Talk of New China Demand; US Export Sales Solid in Corn/Soybeans; Argentine Offering Soymeal More Aggressively; GFS Drier in the Week 2 Timeframe

CBOT futures are mostly higher at midday with soyoil pacing the rally. Chicago vs KC wheat spreads are gaining due to the 1.0 MMTs of Chinese demand for US SRW wheat this week, while weekly USDA export sales were near expectations. Grain futures have a pre report mindset with few wanting to push their bullish…

AgResource Midday Commentary: Wheat Rallies Further on Yet More Chinese Demand; Plunge in Crude Weighs on Row Crops

AgResource Farm Marketing Fills for Wednesday:  1/ Wheat Producers: Sold 25% of the ‘23 wheat crop at $6.39. FILLED. 2/ Wheat Producers: Sold all remaining ‘22 wheat at $6.39 basis March Chicago.  AgResource Farm Marketing Advice for Wednesday: 1/ Soybean Producers: Sell 20% of your ‘23 soybean crop at $14.19 March. 2/ Wheat Producers: Sell…

AgResource Midday Commentary; China Buys more US SRW Wheat; Rumors of Brazilian Corn Switching to the US: Midday GFS Forecast Drier N Brazil

CBOT futures are mixed at midday with soybeans lower, while the grains have rallied. The volume of CBOT trade is down from yesterday with fund managers busy covering massive corn/wheat shorts while pealing back length in soybeans and soymeal. Soyoil is back testing key support at $.50 basis January futures. China purchased an additional 200,000…