AgResource Midday Commentary; CBOT Shrugs off Energy Price Rise – Bio Crop Values Decline; Key Argentine Election on October 22nd with Blue Peso Rate Rising

The overnight CBOT grain rally did not carry through to the upside and follow the sharp rise in world energy prices. The bio crops of corn/soyoil have come under the most selling pressure at midday. Soyoil futures have fallen to fresh lows for this decline as corn has retreated 3-4 cents from like gains overnight.…

AgResource Midday Commentary; US Employment Robust In September; Harvest Hedge Pressure Emerges at CBOT; 12Z GFS Forecast Calls for Rain Across the E Midwest; US Soybean Harvest to Surpass 50% this Weekend

A far larger than expected September US non-farm payroll gain of 336,000 has helped to pressure CBOT grain futures. The heady September payroll gain and upward revision of more than 100,000 jobs in August showed that the US economy is hanging tough, despite rising interest rates. The October unemployment rate of 3.8%, was up .1%…

AgResource Midday Commentary; CBOT Corn Above its 50 Day Moving Average for the 1st Time Since July; Rumors that a Ukraine Cargo Ship Struck a Sea Mine in the New Corridor; GFS Drier Across Northern Brazil

CBOT grain markets are higher at midday with corn reaching above its 50-day moving average for the 1st time since July 28th. Wheat futures have pushed to new weekly highs on the news that the Russian Gov’t pegged their 2023 wheat crop at 90 MMTs following a Rosstat stocks report that showed less than expected…

AgResource Midday Commentary; Mixed CBOT Trade in Slowing Volume as Crude Oil Falls $4/barrel; Rumors Persist on Ukraine and China Demand; Mexico Secures More US Corn

CBOT grain markets are mixed at midday with corn/wheat trading in the red while soybeans bounce on spread unwinding. Active CBOT selling was noted on the opening, but the decline was met with end user pricing on the stability in non-US wheat/corn fob price offers. And US grain merchandizers are not seeing producers part with…

AgResource Midday Commentary; US Wheat Rallies on Chinese Demand Confirmation; Group 3 Soybean Yields Awaited; GFS Drier Across South America Next 10 Days

CBOT grain markets are mixed at midday. Soy futures are lower on the accelerating Midwest harvest while funds are in their final stages of liquidating stale market length. Wheat futures are higher on news that the US sold 4 cargoes of SRW wheat to China (hearing additional quantities working) while CBOT corn is pinned between…