CBOT futures have recovered as the US dollar retreats from its session highs. The dollar is still in positive territory, but the macro landscape today is moderately improved. Gasoline futures are up another two pennies, which has pushed ethanol blend margins to new 6-month highs. Currencies in Brazil and Australia are a bit stronger at…
It’s been another weak session amid continued fund selling in the US and Europe. KC wheat is leading the way down again amid favorable Plains weather and the rising potential of needed rainfall in Western & Southern Europe over the next 4-5 days. Corn has recovered from session lows amid positive weekly ethanol data. The…
** CBOT summer row crop futures continue their decline amid weak South American corn/soybean offers amid fresh fund selling. Argentine fob corn for August is offered at 7 cents over September futures compared to US Gulf offers of 48 cents over (US corn 41 cents/Bu more expensive). Brazil is offering August corn at 24 cents…
** Improved Northern Hemisphere weather is pressuring the CBOT values amid a lack of fresh export news at midday. Wheat is the downside leader on new fund selling while large South American crops overhang corn. Soybeans have had some bounce, but any rally has been less than 2.5 cents. In a nutshell, it’s more of…
It’s been a mixed morning, with wheat down 4-6 cents and row crop markets stable. New selling has emerged in winter wheat futures this week amid lofty HRW crop ratings and as the USDA’s old crop wheat export forecast could still be a bit too high. It’s not so much about weekly sales in wheat,…
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