Category Archives: Midday Commentary

AgResource Midday Commentary; Lines Cross and Funds Sell CBOT; Argentina to Boost Export Duty on Grain and Keep Soy at 33%; Midday GFS Midday Forecast Drier in Week 2

CBOT grain futures are holding in the red at midday with algo/AI trading systems pressuring the market on the bearish overnight trading and the breaking of Monday’s low in corn/soybeans. If you remember back, soybean futures took out the prior week’s high on Monday which triggered fund buying. These momentum traders placed sell stops under…

AgResource Midday Commentary: CBOT Volatility Stays Extreme with Grain Recoverying Monday’s Losses; Argentina to Update its new Economic Policies on 2 PM CT; GFS Drier Next 7-8 Days Across N and C Brazil

CBOT grain futures are sizably mixed (again) with the grains higher and soybeans lower in a reversal of Monday. The volume of trade is holiday restricted with it not taking much order flow to create a meaningful impact on price. Corn/wheat futures have recovered most of Monday’s losses. WTI crude oil futures have fallen to…

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…