Mar 10, 2022
The market sold off yesterday after the USDA WASDE report put up "friendly-but-not-as-friendly-as-we-wanted" numbers for trade. Today, they had reason to buy back in with Brazil's CONAB making cuts to their expected soybean production and export numbers. Trade was also emboldened by the weekly net export sales report which showed strong numbers for old crop, especially corn. Corn outperformed the top trade estimate of 1.2 million tonnes sold by a large margin, posting 2.144 million tonnes sold last week. Soybeans outperformed expectations, as well, with 2.204 million tonnes sold versus the high estimate of 1.7 mln tonnes. Wheat continued to reel back after a historic bull run. The WASDE report turned out to be negative for wheat and Egypt (world's #1 wheat consumer) announced late yesterday that they were out of the market until the end of the year claiming sufficient reserves and a satisfactory domestic wheat crop to be harvested in April. Depending on the class, wheat has now traded anywhere from $2.60-$2.80/bu off of the highs set late last week. We don't hear much about South American weather anymore which means any sort of risk there is likely priced into the market at this point and our own weather now becomes more important. It appears spring will finally arrive and we will begin to thaw next week following a final dire attempt by winter to hang on for the next couple days, yet. Continue to utilize sell orders to take advantage of the volatility in this market.
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Feb 22, 2024
A round of fresh lows and some give-up selling on the farmer side were all we had to highlight Thursday's session. The USDA confirmed the sale of 126,000 tonnes of sorghum for delivery to China during the 2023/24...
Feb 20, 2024
Soybeans gapped higher on the Sunday night open and a portion of those gaps remained open on the charts at the close on Monday. Price action in corn was interesting to those who paid attention and it was a good little...
Feb 16, 2024
Soybeans traded solely higher and lead the way into the weekend with some nice bounces. Corn was trading up to 4 higher early on but ended Friday with March and May 24 contracts slightly lower and 1-2 cents higher...