CBOT futures are mixed at midday with soymeal higher while wheat futures sag on the EU model’s forecast of rain for Kansas/Nebraska next week. Corn and soybean futures are caught in between and trading both sides. Funds were aggressive sellers of wheat from the onset which has tugged corn/soybeans off their early highs. Everyone wants…
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…
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…
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…
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…
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