- Turner’s Take Podcast: October 17, 2018 | Natural Gas, Gold, Coffee, and Ag Market Review
June can be a good month of weather rallies as spec traders look to play the upside while farmers look to market more corn and soybeans. Listen to industry...
- Grain Spreads: Putting on the Brakes
- What Is Happening in Spring Wheat
What Is Happening in Spring Wheat
- Livestock Report
- Morning Grain Market Research
While prices have not exactly collapsed, it does appear that the report inspired rally is growing weary and in need of a little back and fill action. This...
Too Cheap to Sell/No Urgency to Buy
cmdty Insider - Ag Market Commentary
Wheat futures closed 4 to 9 lower across the three exchanges on Wednesday. Minneapolis spring wheat was the weakest market. Drier weather allowing winter wheat planting to progress and a stronger US dollar was also an issue for the bulls. Trade estimates ahead of Thursday’s Export Sales report are running 300,000-600,000 MT for 18/19 all wheat sales. Last week’s sales totaled 339,022 MT. A couple optional origin tenders saw South Korea purchase 60,000 MT and Jordan buying 60,000 MT from CHS, while the Philippines bought 55,000 MT of Australian wheat on Wednesday.Dec 18 CBOT Wheat closed at $5.17 1/2, down 6 cents,Dec 18 KCBT Wheat closed at $5.21, down 7 cents,Dec 18 MGEX Wheat closed at $5.88 1/4, down 8 cents
Soybean futures gave back their morning gains but settled 1/2 to 1 cent higher. Front month soy meal was up $1.40/ton to support product value, with soy oil down 10 points. Palm oil futures hit a 4-week high on ideas of increased use for biodiesel but also expanded biodiesel exports. Analysts are estimating tomorrow’s USDA report to show 0.6-1 MMT in 18/19 soybean export sales during the week of 10/11. Soy meal sales are seen at 150,000-450,000 MT, with soy oil at 5,000-25,000 MT in the first full week of the new MY. An auction of Chinese state reserves saw 97,292 MT of 2013 soybeans sold on Wednesday, totaling 96.05% of the amount offered.Nov 18 Soybeans closed at $8.85 3/4, up 1 cent,Jan 19 Soybeans closed at $8.99 3/4, up 1/2 cent,Mar 19 Soybeans closed at $9.12 1/4, up 3/4 cent,May 19 Soybeans closed at $9.25, up 3/4 cent,Dec 18 Soybean Meal closed at $323.70, up $1.40,Dec 18 Soybean Oil closed at $29.56, down $0.10 --provided by Brugler Marketing & Management (402) 289-2330
Corn futures settled 3/4 to 1 cent lower on Wednesday. Drier weather in the western Corn Belt is allowing harvest activity to pick up. The weekly EIA report indicated reduced corn consumption, with ethanol production for the week of 10/12 averaging 1.011 million barrels per day. That was down 29,000 bpd from the week prior and the lowest output since mid-April. Ethanol stocks were up another 109,000 barrels to 24.130 million barrels despite the reduced production, with the Rockies and Gulf the only regions to show reductions to stocks. EPA also indicated that the E15 plan won’t be available for comment until February, which would in our opinion delay implementation until May or later because of the Federal Register procedures. Thursday’s Export Sales report is expected to show 0.8-1.3 MMT in 18/19 corn sales for the week of 10/11 according to wire surveys.Dec 18 Corn closed at $3.74 1/4, down 1 cent,Mar 19 Corn closed at $3.86 1/2, down 3/4 cent,May 19 Corn closed at $3.93 1/2, down 3/4 centJul 19 Corn closed at $3.98 1/2, down 3/4 cent--provided by Brugler Marketing & Management (402) 289-2330