Chart Based Buying Dominates as Key Moving Averages Breached; Funds Buy Nearly 20,000 corn; Condition Ratings Down Post Close; Pro Farmer in IA Wednesday

AgResource Farm Marketing Advice for Monday: 1/ Wheat Producers: Sell 15% of your 2020 wheat crop vs September Chicago wheat futures at $5.05. This sale would push 2020 sales to 75%. Filled.      2/Wheat Producers: Sell 25% of your estimated 2021 wheat futures basis July Chi at $5.30. This sale would push 2021 coverage…

Mixed CBOT with Wheat Bouncing on Spreads; US/China Review this Weekend; Condition Ratings to Decline Monday

CBOT futures are mixed at midday with wheat gaining on corn/soybeans. Fresh news is lacking with trade volume down from Thursday’s robust activity. ARC looks for a mixed close with the market awaiting the weekend US/China 6-month trade review and US crop condition ratings on Monday. Amid Monday’s windstorm across IA/IL/IN, traders are looking for…

CBOT Sharply Higher on Massive Fund Buying on FSA Acreage Confusion; Midday GFS Adds Rain

AgResource Farm Marketing Advice for Thursday: 1/ Soybean Producers: Sell 20% of your estimated 2021 soybean crop in November 2021 soybean futures at $9.10. CBOT futures are sharply higher at midday with corn/soybeans leading the advance as traders accept the FSA Program Participation data as correct. The August FSA data would suggest a rather sizeable…

Mixed at Midday with Corn Sagging as a Big Yield Looms; GASC Books 2 Cargoes of Russian Wheat; Midday Forecast Drier

CBOT futures are slightly higher at midday with corn, soybeans and wheat firmer on short covering/positioning ahead of the USDA August Crop Report that is due out Wednesday at 11 AM. Fund managers have been the best buyers of corn/meal on short covering with the oil/meal spread being unwound on the formation of a seasonal…