Massive Fund Buying of 10,000 Contracts Rallies CBOT Wheat; China likely Secured 250,000 MTs of Gulf US Corn; Cattle Off Limit on Profit Taking

CBOT grain futures are mixed at midday in limited volume. CBOT open interest is declining each day and the market has traded just 65,000 contracts of May corn futures at this time. Amid the uncertainty that can show up with Covid-19 and the major USDA Crop Report next Tuesday, traders are backing away from taking…

USDA/USTR Offers Positive Assessment of US/China Phase 1 Agreement; Cattle Futures Post 2nd Session of Limit Gains; $2 Tril US Virus Aid Package Near

CBOT grain futures are mixed at midday in diminished volume. The DOW is sharply higher on optimism that surrounds Covid-19 (Italian infections peaking and following a curve like S Korea) amid US President Trump’s call for Americans to get back to work in a week. ARC notes that DOW volatility has been acute and often…

Wheat/Meal Push Upwards on Cash Demand Amid the Fear of Domestic Plant Closures; Cattle Bid Limit Up on Weekend Trade; Corn Struggles on Ethanol

CBOT grain futures are mixed at midday. Following an anxious opening due to the news of the US Central Bank offering “unlimited liquidity”, CBOT market volatility has come down as trade volume slows.  Few traders want to take on additional risk amid the widening health threat of Covid-19. Most traders are at home and having…

Sell the Fact Trading as China Grain Buying Confirmed; Corn Sags on US Ethanol Demand Cuts; Traders Cutting Risk Amid Urban Closure Fears

CBOT grain futures are mixed at midday. “Sell the fact” trading is noted with China confirmed as a buyer of US wheat/corn and old crop soybeans. Corn has been the downside leader as the US ethanol industry continues to shutter facilities amid deeply red margins. Soybean and wheat futures has been able to hold on…