AgResource Midday Commentary; Bull Spreads Rule on Cash Strength and Forward Chicago Wheat Roll; Snows Again for IA/MN this Weekend; China Swaps for US Soybeans from Argentina

CBOT futures are mostly higher with soyoil being dragged to the downside on oil share spread unwinding. Strong cash basis bids are underpinning nearby May corn/soybean futures while wheat values rise on the potential closure of the Black Sea export corridor and the deepening drought across the C and S Plains. The market has been…

AgResource Midday Commentary; WASDE Disappoints and Says Low Trust in NASS Stocks Data with No Change in US Corn/Soybean End Stocks; US Wheat Stocks Raised on Feed Cut; US Cash Markets Stay Strong

The USDA April Crop Report held little market fanfare with WASDE holding US 2022/23 corn/soybean stocks steady with March, while raising US wheat end stocks by 30 Mil Bu to 598 Mil Bu. WASDE was willing to lower the US wheat feeding rate by 25 Mil Bu and increase imports by 5 Mil Bu, but…

AgResource Midday Commentary; Corn/Wheat Rally on Tightening US Supplies; Soybeans Sag on Soybean/Grain Unwind; USDA April Report Due Tuesday

It has been a back-and-forth morning at the CBOT with corn/wheat futures higher while soybean futures are slightly lower at midday. An early CBOT break failed to garner downside follow through on strong cash corn/wheat/soybean bids due to tightening cash supplies. Remember that March 1st combined US corn/soybean/wheat end stocks were down 860 Mil Bu…

AgResource Midday Commentary; CBOT Values Pressured on Favorable Midwest Weather Forecast; Brazilian Soybean Premiums Weigh; GASC Secures 600,000 MTs of Russian Wheat

Favorable warm/dry weather for Central US summer row crop planting has produced pressure on CBOT values as traders expect that farmers will be sitting tall in their tractors planting corn on a timely basis next week. The open weather and the steep discount of Brazilian fob soybean offers to the US Gulf has continued the…

AgResource Midday Commentary; Correction is Running its Course; Weekly Export Sales Due Thursday; CBOT Closed on Friday; KC/Chicago Wheat Spread

CBOT grain futures are mixed at midday with May corn/soybean futures reflecting independent strength on firming cash market bids. US cash markets stay strong and could strengthen farther as US farmers head to the field for spring planting. End users were able to secure a few days of needs on Monday when Central Illinois cash…