Category Archives: Midday Commentary

AgResource Midday Commentary: Markets Widely Mixed at Midday; Wheat Stays Volatile on Russian Currency; GFS Maintains Blast Furnace Heat in Central US

AgResource Farm Marketing Advice for Monday: 1/ No new advice.                                             CBOT futures are widely mixed at midday, with renewed funds selling forcing new lows for the move in wheat, soybeans rapidly adding weather/supply risk and corn caught in between. Volume remains rather deflated, which exacerbates daily moves, and there remains a general feeling of exhaustion…

AgResource USDA Crop Report Analysis: US Corn/Soybean Yields Decline; WASDE Cuts Corn/Soybean Exports; USDA Report Seen as Neutral/Positive

CBOT futures are mixed following the August USDA Crop Report with US corn and soybean yields and supplies coming in slightly below trade expectations. NASS estimated the US corn yield at 175.1 BPA and soybeans at 50.9 BPA which dropped 2023/24 US end stocks for both crops. CBOT futures initially rallied strongly on the diminished…

AgResource Midday Commentary; Brazilian FOB Corn Premiums Rally-US Gulf Competitive: World Grain Prices Rally; GFS Hot in the 9-12 Day Period

CBOT futures are higher at midday in thin volume as traders adjust risk ahead of Friday’s USDA August Crop Report. The bears are taking profits which is providing some lift to midday valuations. Few traders are willing to place large new bets on what NASS/USDA will say with this being the 1st survey-based estimate of…

AgResource Midday Commentary: CBOT Mixed with all Eyes on USDA Friday: US Weekly Ethanol Production Declines; GFS Slightly Wetter W Midwest

  CBOT futures are mixed at midday in declining volume. Risk aversion for Friday’s USDA crop report is the theme with traders fearful of a strong market reaction as farmers offer (to NASS) their 1st measurement of US corn/soy yields. Also, FSA will be offering their 1st update on 2023 US farm program participation this…

AgResource Midday Commentary; Turnaround Tuesday in the Making as End User Pricing Surfaces on AM Break; GASC Secures 325,000 MTs of Russian Wheat; GFS Slightly Wetter Across W Midwest

CBOT futures are mixed at midday in declining volume. Long liquidation by fund managers in soybeans/soymeal/soyoil and corn pressed values early, but end user pricing and profit taking by the bears trimmed losses at midday. CBOT grains are now trading in the green with a turnaround Tuesday in the making. ARC doubts that with the…