Following an active opening, low volume amid uncertain Central US weather has left CBOT grain futures to chop. CBOT values are mixed at midday with traders debating weather/yield, old crop basis strength and a Saudi wheat purchase of optional origin wheat. NASS will be out with their weekly crop progress and condition report which will…
CBOT grain futures have fluctuated wildly with soybean futures leading the upside charge amid the fear of deepening Midwest/Delta dryness. Soybeans have paced the upside rally on talk of Chinese pricing and limited cash sales from Brazil/Argentina. The Dollar Peso Argentine soybean sales program ended yesterday with cash merchandisers explaining that farmers there have virtually…
CBOT grain futures are adding premium for dry Midwest/Delta weather and the potential adverse impact on crop yield. Illinois, Indiana, and E Iowa producers report widespread corn rolling in the Midwest and poor germination of mid-May (and after) soybean seeds. The point is that from Central Iowa and Missouri eastward into the Ohio Valley –…
CBOT futures have traded both sides of unchanged with early Chinese pricing of soybeans helping to support a better than expected 8:30 AM CT opening. Fund short covering was noted on reopening on oversold technical conditions and the $1.75 bounce in the crude oil market. The macroeconomics of the Chinese and world economy are the…
Bearish demand fears and hope for Midwest rain in the week 3 Central US weather forecast (CFSv2) has punished CBOT values. Corn, soybean, and wheat futures are all posting sharp losses with November soybeans falling to new low for the spring decline at $11.5725. July Chi wheat also posted a new spring low at $5.8875.…
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