AgResource Mid-Day Commentary: China Confirmed to have Bought US Corn; Risk Aversion Elevated; Black Sea Corridor Certainty Lacking

AgResource Farm Marketing Advice for Tuesday: 1/ Wheat Producers: Sell another 20% of the 2022 wheat crop if May Chi wheat reaches $8.02. CBOT ag markets are mixed at midday with “risk off” the prevailing feature. Funds are cashing their chips on short wheat which has pushed KC wheat futures above yesterday’s high while soybeans/soymeal…

AgResource Midday Commentary; Russia to Extend the Grain Export Corridor for Just 60 Days; Weaker US dollar is the Result if the US Central Bank Pauses; Algeria Receives Cheap Wheat Offers

CBOT ag markets are mixed at midday in a risk off day as wheat futures are higher, while soybeans/corn are lower. The “risk off” mentality has fund managers exiting positions amid the volatility/uncertainty in the US financial markets. Regional bank questions abound which has caused dramatic rallies and declines in the US stock market. There…

AgResource Midday Commentary; Wheat Rebounds on Short Covering and Corn/Wheat Spread Unwind; China Rumors noted for US Corn/Soy; Marco Markets Have Ruled This Week

CBOT ag markets are mixed with corn/wheat values firmer while the soy market sags. Macroeconomics has been the driver amid the US March Jobs Report that showed February nonfarm payrolls expanded by 311,000, while a California bank that is favored by tech starts – Silicon Valley Bank (SVB) – was closed by regulators. The bank…

AgResource Midday Commentary; Funds Unlesh Selling on the Charts; Argentine Crop Fall Bullish for Months to Come; World Ocean Freight Rates Rising on Demand

CBOT ag markets are sharply lower with the grains pacing the decline. The soybean market is lower but trying to hold on the Rosario Exchange shockingly lower Argentine soy crop estimate of 27.0 MMTs. The Buenos Aries Grain Exchange (BAGE) is expected to lower their corn/soybean crop estimates later today. A 27 MMTs Argentine soybean…

ARC Midday Commentary :WASDE Cuts to Argy ’23 Corn/Soy Crops Combined 15 MMTs: US Corn Exports Cut 75 Mil – Soybean Exports Raised 25 Mil Bu; How Low is Low for Argy Crops?

CBOT ag markets are mixed following March WASDE Report. WASDE cut its estimate of Argentine soybean production by a record 8 MMTs to 33 MMTs and lowered corn by 7 MMTs to 40 MMTs. In total, Argentine summer row crop production fell by 15 MMTs – a record for both crops combined. The Argentine drought…