- Tariff News Old News
Tariff News Old News
- Morning Grain Market Research
It would appear that for now at least, the thought or threat of additional tariffs on Chinese goods has lost its bite as markets have been able to extend...
- Daily Technical Spotlight - December Corn
Bullish weekly high close Friday suggests a market bottom is finally in place. Bulls have momentum on their side now.
- Iran Writing Checks It Can’t Cash. The Corn & Ethanol Report 07/23/18
We kickoff the week with Existing Home Sales at 9:00 A.M., Export Inspections at 10:00 A.M., Cold Storage at 2:00 P.M. and Crop Progress at [...]
- Daily Grain Market Commentary (7.23.18)
Can corn and beans continue to rally?
- Watching Washington and the Weather
Agricharts Market Commentary
Corn futures are mostly 2 cents higher in the nearby contracts on Monday. This morning's Export Inspections report indicated that 1.313 MMT of corn was shipped in the week that ended 7/19. That was a 4.14% jump from the week prior and 33.55% larger than the same week in 2017. The Friday CFTC Commitment of Traders report showed spec funds in corn futures and options adding another 24,947 contracts to their net short position ahead of the rally. That net position stood at -129,323 contracts as of Tuesday. Chinese imports of corn in June totaled 520,000 MT, a 34.6% increase from last year, with sorghum imports up 38.1% at 450,000 MT according to customs data. There was a brief window with low tariffs, which closed again in July.Sep 18 Corn is at $3.57 1/4, up 2 cents,Dec 18 Corn is at $3.71, up 2 cents,Mar 19 Corn is at $3.82, up 2 centsMay 19 Corn is at $3.88 1/4, up 2 cents
Soybean futures are trading 1 to 1 1/4 cents in the green on Momaday. Nearby soy meal is down $1.60/ton, with soy oil 19 points lower. The USDA reported a cancellation of 165,000 MT of optional origin 2018/19 soybeans to China under the daily reporting system. The Export Inspections report shows that 722,048 MT of soybeans were shipped in the week that ended on July 19. That was 13.26% larger than the previous week and 12.5% above the same time last year. Money managers in soybean futures and options added another 5,152 contracts to their CFTC net short position as of July 17, taking it to -58,399 contracts. Abiove increased their 17/18 Brazil production estimate by 0.3 MMT to 118.7 MMT, with their export estimate up 1.4 MMT to 73.5 MMT.Aug 18 Soybeans are at $8.50 3/4, up 1 cent,Sep 18 Soybeans are at $8.56 1/4, up 1 cent,Nov 18 Soybeans are at $8.66, up 1 1/4 cents,Jan 19 Soybeans are at $8.76, up 1 cent,Aug 18 Soybean Meal is at $328.50, up $1.60,Aug 18 Soybean Oil is at $28.03, down $0.19
Wheat futures are 7 to 8 cents higher in the MPLS and KC contracts at midday, with CBT up 3 to 5 cents. All wheat export inspections in the week that ended on July 19 hit 397,862 MT. That was down 15.62% from the week prior and 21.07% lower than the same time last year. Spec funds in CBT wheat futures and options flipped to a net long position of 3,557 contracts in the last reporting week. They were net long 17,928 contracts in KC wheat. Iraq is seeking 50,000 MT of wheat from the US, Canada, or Australia, with the tender to close on July 29. The Rosario Grain Exchange estimates that Argentina's 18/19 wheat crop will total 20 MMT.Sep 18 CBOT Wheat is at $5.19, up 3 cents,Sep 18 KCBT Wheat is at $5.15 3/4, up 7 1/4 cents,Sep 18 MGEX Wheat is at $5.62 1/4, up 7 1/4 cents