AgResource Midday Commentary; Paris Wheat Futures Drop to Lowest Level Since 2020; Tugs CBOT Corn Lower; AgResource Brazil Crop Estimates Lower

US wheat futures sag following Paris Futures/Russian FOB offers steady at $209/MT; Soyoil holds on talk of improving cash demand from biofuel industry;  AgResource Brazil adjusts soybean crop down to 143.9 MMTs and corn to 114.9 MMTs. Brokerage firm StoneX raises Brazilian soy crop estimate 151.5 MMTs. CBOT grain futures are mixed at midday in…

AgResource Midday Commentary: CBOT Mixed at Midday; EIA December Soyoil Use for Renewable Diesel Expands; December Canola Use for RD Record Large; GFS South American Weather Forecast Unchanged

Today’s close is key; Corn tests last week’s high at $4.34, Oil Share spread unwinding keeping soyoil constrained as its premium to palm narrows. May soymeal forges key reversal in an oversold chart.   CBOT grain futures are mixed at midday. Large deliveries pressured values in the 8:30 PM CBOT reopening with meal/soybean futures scoring…

AgResource Midday Commentary; CBOT Mixed at Midday; More Ukraine Corn to China; Cotton Futures Surge above $103.00 May; GFS Forecast Wetter for Central Midwest

Wheat is a drag; Corn is the coming story; Soybeans caught with soyoil sagging on oil share profit taking.  CBOT grain futures are mixed at midday with corn holding in the green, while wheat futures follow Paris futures lower as Russian 12.5% wheat sags to $209/MT. The Russians have been aggressive in shedding old crop…

AgResource Midday Commentary; Early Rally Fades as China Demand for US Corn off the PNW cannot be Confirmed; GFS Weather Forecast Drier for NC Brazil

CBOT grains are higher at midday. Short covering and selective speculative buying rallied CBOT futures ahead of March 1st notice day on Thursday. ARC suspects that short covering could lift CBOT valuations into Wednesday with actual delivery intentions than determining if a correction is needed later in the week. A seasonal low has likely been…

AgResource Midday Commentary: CBOT Recovers as Farmers Roll Basis Sales Forward; China Demand for Ukraine Corn and Brazilian Soybeans; GFS Drier for North Central Brazil

CBOT grain markets are mixed at midday. US wheat futures recovered from a lower opening, but corn/soybeans are holding in the red on fresh speculative selling and ongoing farm basis contract rolling/liquidation. 1st notice day against March futures is Thursday, and most elevators are demanding that US farmers have their cash March basis contracts cleaned…