AgResource Midday Commentary: CBOT Soars on Midwest Drought Expansion; US Soyoil Stocks Tighten Despite Enlarged Production

AgResource Farm Marketing Advice for Thursday: 1/ No new advice.                                             CBOT ag markets are sharply higher as the trade more intently adds weather premium to values amid recent and upcoming Midwest drought expansion as key areas of Northern Europe and Ukraine are likely to see net soil moisture loss into the first half of summer.…

AgResource Midday Commentary; Soyoil Scores New Rally High; Profit Taking and Dully Volume Elsewhere; US Ethanol Grind Disappoints; GFS Slightly Drier than Overnight Run

Profit taking ahead of a US 3-day weekend has pulled corn, soybean, and wheat futures lower following yesterday’s rally. However, active bull spreading in July/December corn and July/December soyoil futures have offered support. There was sizeable buying of the July/December corn spread of over 4,500 contracts that pulled corn futures back into the green at…

AgResource Midday Commentary: CBOT Rallies as Weather Patterns Stagnate; Crude Extends Recovery

AgResource Farm Marketing Advice for Tuesday: 1/ No New Advice.                                             CBOT values are higher at midday as ag markets worldwide more aggressively add weather premium to values. Spot Paris milling wheat has recovered from early weakness and continues to slowly pierce initial chart-based resistance. Climate patterns look to be stagnant in the US, Europe and…

AgResource Midday Commentary; GFS Like the Overnight Run with Below Normal Midwest Rainfall and Mild Temperatures; China Continues to take US Corn off PNW; Crop Ratings to Fall in Corn/Soy

CBOT values are mixed at midday with KC wheat, July soybeans and soyoil futures sagging while December corn tested last week’s rally high at $5.48. ARC notes that the old breakdown point of $5.50 (March lows) in December is being tested. December corn will struggle to rise above this level until there is additional confirmation…

p AgResource Midday Commentary: June WASDE Offers No Surprises; Focus Back on Central US Weather & Rising Oil Share Trade; Russian 2023 Wheat Crop Estimated at 85 MMTs

The USDA June Crop Report held little fanfare with 2022/23 and 2023/24 US corn ending stocks rising 35 Mil Bu, 2022/23 and 2023/24 US soybean end stocks rising 15 Mil Bu while US 2023/24 wheat end stocks rose 6 Mil Bu. All combined the 56 Mil Bu of additional combined US corn/soybean/wheat end stocks was…