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…

AgResource Midday Commentary; Soyoil Limit Down/Soymeal Limit Up on Oil Share Spreading; GFS Slightly Wetter Next Wednesday; Dec Corn Reaches $6.26

CBOT futures are sharply mixed with corn, soybean, soymeal, and wheat futures sharply higher with soyoil futures down their respective 4 cent limit. Massive oil share spread unwinding is occurring which sent soyoil futures to limit losses and soymeal to limit gains. The EPA finalized the blending mandates for 2023 at 20.94 Bil gallons, 21.54…

AgResource Midday Commentary; CBOT Trades Both Sides of Unchanged in Corrective Session; GFS at midday Drier in the 6-10 day period; Rain Needed Immediately

CBOT futures are mixed at midday with the bears out in abundance with this being the anniversary of the start of the 2022 summer grain break. A year ago today, CBOT futures fell to sharp losses as the Central US weather pattern improved and world Central Banks became aggressive in raising interest rates to slow…

AgResource Midday Commentary: Midday GFS Lacks Pattern Change; Crude Recovers

AgResource Farm Marketing Advice for Friday: 1/ No new advice.                                             The addition of risk premium continues, and while new crop corn & soy contract are off morning highs – soy futures are heavily overbought and corn is nearing overbought technical levels – there’s still no indication of a needed Central US pattern change into July…