AgResource Midday Commentary; US Corn in Drought at 64%; US Soybeans in Drought at 57%; An Indian Rice Ban is a Big Deal; GFS Drier at Midday in the 6-10 Day Period

CBOT grain futures are sharply higher at midday with soyoil/soybeans pacing the advance. Corn and wheat futures have followed in the wake of July USDA crop report as the market’s focus shifts to weather/yield and the sharp fall of the US dollar. The volume of CBOT trade is average with brokers suggesting that new money…

AgResource Midday Commentary; USDA July Report Bearish on Extra 23/24 Soybean/Wheat Stocks; US 2023/24 Corn Stocks Large as expected at 2.25 Bil Bu

CBOT grain futures are sharply lower at midday following a bearish USDA July Crop Report. WASDE decided to cut the US corn yield to 177.5 BPA (down 4.0 BPA) due to record dry May/June but held their soy yield at trend at 52.0 BPA. Although not a surprise, the trade was estimating 2023/24 US soybean…

ARC Midday Commentary; Soyoil Weaker On Oil Share Spread Profit Taking; GFS Cooler in the 11-15 Day Period (vs overnight) with like Amount of Midwest Rain; Ukaine Grain Export Corridor Impact

CBOT grain futures are mostly higher at midday with soybeans/soymeal pacing the advance while soyoil futures correct Monday’s rally to new rally highs. Wheat and corn prices have sagged from a strong opening as Midwest rains and forecast uncertainty regarding Central US heat in late July is being debated by traders. Russian/EU wheat prices are…

ARC Midday Commentary; CBOT Soyoil/Soybeans Sharply higher with Crush Margins Expansion: China Books US soybeans off the PNW for October; GFS Cooler/Wetter at Midday

CBOT grain futures are higher at midday with soybeans/soyoil being sharply higher ahead of the USDA July crop report on Wednesday. The trade is preparing for a bullish USDA report due to US 2023 soybean seeding being down 4.0 Mil acres – and the resulting drop in supplies/product stocks. Corn and wheat futures are rising…

AgResource Midday Commentary; CBOT Lower on Better Rain Forecast for the W and N Midwest; Crop Ratings Expected to Gain on Monday; Bull Spreading in Soyoil

CBOT grain futures are mostly lower at midday with traders expecting additional Midwest rain over the weekend with NASS crop condition ratings expected to increase on Monday (2-4% in the GD/EX category). The July 4th holiday on Tuesday has caused traders to slowly return to taking on risk, and traders like being on the sell…