AgResource Midday Commentary: CBOT Correction Extended at Midday as GFS Features Drought-Busting Precip Accumulation; US Ethanol Production Stays Elevated

AgResource Farm Marketing Advice for Wednesday: 1/ No new advice.                                             CBOT ag markets have extended overnight weakness as radar maps show lite rain working across northern MO and into IL, and as the midday GFS continues to add to 10-day cumulative precip. US ethanol production remains seasonally strong, and margins have soared following the break…

AgResource Midday Commentary; Risk off Ahead of Month End with Midwest Rain Forecast Helping the CBOT Rout; GFS Stays Wet at Midday, Canadian Model Drier

Sharply lower CBOT grain futures exists at mid-session amid the prospect of improved Midwest rain starting this weekend and continuing next week. Rain makes grain and the market was able to look past the near record low crop ratings released late Monday.  Corn, soybeans, and wheat crops have suffered from record dryness since mid-May which…

AgResource Midday Commentary; GFS is Wetter in its Midday Run for C and E Midwest with .4-1.25″ of rain; NASS Crop Condition Ratings in Focus; Old/New Crop Spreads Rally on Order Flow

CBOT grain futures are firmer at midday, but well off their early morning rally high as uncertainty regarding US weather and key USDA crop reports later this week dominate trading activity. Few want to chase a CBOT rally or a break, leaving price to chop sideways until more information is available. Soyoil appears to be…

AgResource Midday Commentary; GFS Drier at Midday with Rain being Pushed Farther north into N IA/MN/WI, Midwest Heat Builds in the Extended Range;

CBOT grain futures are sharply lower on wetter Central US weather forecasts with the exception being soyoil futures that are rising on the cancelation of deliverable receipts and rising cash basis bids. The oil share spread has been historically volatile this week. Soyoil is the one grain at the CBOT that has a demand story…

AgResource Midday Commentary; Midday GFS Forecast Drier with Extreme Heat Across South Central US; 64% of the US corn and 57% of the US Soy Crop in Drought

CBOT futures are sharply mixed at midday with wheat futures higher while corn/ soybeans sag on profit taking ahead of the weekend. The volatility of the CBOT is acute with traders now expecting dramatically higher or lower prices daily. The 2023 US weather market has reached a new stage of volatility.  To remind clients, CBOT…