Category Archives: Midday Commentary

AgResource Midday Commentary; CBOT Soyoil Pushes Above Key 50 Day Moving Average; May Corn Tests Resistance at $4.45 and Above; GFS Drier for Central Brazil at Midday

No new daily China wheat cancelations of US SRW: Widespread debate on who’s Brazilian Crop size estimate to trust – CONAB or WASDE? Short covering featured across the CBOT with sizeable purchases of soybeans as May tests $13.00 and May soyoil jumps above the 50-day moving average at $47.03. Look for resistance above $4.48-4.52 May…

AgResource Midday Commentary; Wheat Recovers and Forges a 2nd Key Reversal; GFS Drier at midday for N Brazil with Searing Heat; China Cancels 264,000 MTs of US SRW Wheat

China canceled an additional 264,000 MTs of US SRW wheat which elevated the 3-day total to 504,000 MTs. Commercial talk has another 2-3 cargoes that could be canceled taking total cancelations to 600-650,000 MTs. This would leave 600-650,000 MTs of US SRW wheat sales that will be exported. CBOT wheat rebounded strongly from fresh contract…

AgResource Midday Commentary: USDA Avoids Major Balance Sheet Changes in Mar WASDE; Chinese Soy Imports Raised; US Winter Warmest on Record

AgResource Farm Marketing Advice for Friday: 1/ No new advice. USDA’s March WASDE, as expected, is a statistical yawner. US wheat end stocks raised on lower produced exports – following another 110,000 MT cancellation from China this AM – while South American crop estimates left largely untouched. Old crop Chinese soy imports raised 3 MMTs…

ARC Midday Commentary; China canceled 2 cargoes of US SRW wheat; Funds Cover Shorts on Charts; GFS 12z N Brazilian Forecast Slightly Drier

CBOT futures are higher with corn, soybean and wheat futures all engaged in the rally with corn rising above its 20-moving average for the 1st time since December 12th. May corn pushed against the February lows at $4.40 while the 50 day moving average crosses today at $4.51. It will take a push above the…

AgResource Midday Commentary; Chicago Wheat Falls to Test $5.275 Low set in November on Managed Money Selling; US Weekly Ethanol Grind Stays Robust; 12Z GFS Wetter for N Brazil

World wheat markets are lower on the fall in Russian fob wheat offers below $200/MT with Chicago forging a new low of $5.33 May futures – the lowest price  for a spot futures since November 2023 when values bottomed at $5.275. Corn and soybeans followed the wheat’s early sag, with both markets finding support on…