- Two Major Scenarios Unfolded Today
With the dollar lower and crude higher....
- LOCAL TRADER - GOLD
TRADE WITH A 20 YEAR PROFESSIONAL
- Daily Technical Spotlight - November Soybeans
Selling "exhaustion hail" on Tuesday strongly suggests a market bottom is in place. But bulls not yet showing the power to suggests a price uptrend can...
- OPEC Output Compliance 100%. The Corn & Ethanol Report 06/22/18
OPEC oil ministers are now talking going back to output compliance back to 100% which was the freeze that was agreed upon in 2016. We [...]
- Grains Update (6.22.18)
The bottom is a process not a point
- Weather, Trade & USDA Remain the Focus
Weather, Trade & USDA Remain the Focus
Agricharts Market Commentary
Soybean futures are currently 7 to 8 cents in the greed, since seeing losses of 9 to 10 cents in most front months on Thursday. Front Month soy meal was down $1.40/ton, with soybean oil 18 points in the red. Uncertainty over the ongoing US-China trade dispute is still weighing on the market. Soybean export shipments during the week of June 14 totaled 992,047 MT, well above last year and 66.1% larger than last week. Meal exports totaled 201,142 MT during that week, with oil at 29,896 MT. Commitments for soybeans exports are still 4.2% behind a year ago. They are 100% of the full year USDA export projection, compared to the average at 101% and 102% last year. Argentina's soybean production is now seen at 37.2 MMT by the country's ag ministry, 600,000 MT higher than the previous estimate.
Corn futures are trading steady to a penny lower at the moment. They ended the Thursday session with most contracts 2 to 3 cents higher. Thursday morning's USDA Export Sales report indicated export shipments of corn at 1.763 MMT in the week that ended 6/14. That was a 25.4% jump from last week and well above last year at this time. Corn export commitments are still 3.27% larger than last year despite this week's lower sales total. They are now 97% of the USDA export projection, with the typical pace at 99% and last year at 100%. China sold 739,954 MT of corn from state reserves on Friday, totaling 18.64% of the offered amount. The House passed their version of the Farm Bill on Thursday.
Wheat futures are mostly 3 to 4 cents lower in the winter wheat contracts this morning, with MPLS steady to fractionally higher. They were steady to a penny higher in MPLS contracts on Thursday, with KC up 4 to 5 and CBT 6 to 7 cents in the green. The USDA reported weekly exports up 37.71% from the week prior at 426,920 MT in the week of 6/14. That was still 31.63% below the same week last year. All wheat export commitments are lagging this time last year by 28.6%, in just the second week of the MY. In Japan's weekly MOA tender, they purchased 91,188 MT of combined US (65,943 MT) and Australian wheat on Thursday.