Category Archives: Midday Commentary

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…

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…