- Morning Grain Market Research
Well, it was fun while it lasted. It would appear that the three-day rally party in the corn and bean markets may be drawing to a close. Granted, it was...
- CBOT Wheat September 2018
For Thursday, the 484.25 formation can absorb weekly selling pressures, above which 529.75 is attainable over the next several weeks.
- Daily Grain Market Update (7.19.18)
Grain bulls need to see more conviction
- All Quiet on the Midwestern Front
- Consolidation Ignites Talk of Possible Bottoming Action
Consolidation Ignites Talk of Possible Bottoming Action
- Livestock Report
New highs for Cattle and a new low for Hogs
Agricharts Market Commentary
Wheat futures are currently steady to 2 cents lower in the HRW and SRW futures and 3 to 5 cents higher in Minneapolis after ending the Wednesday session with MPLS 4 to 5 1/4 cents lower. KC was steady to down 3 cents, with nearby CBT down 3 1/4 and higher in the back months. The current 5-day QPF shows rain forecasted for much of the Dakotas and MN, with that area expected to dry out in the extended 8-14 day outlook. A poll of analysts shows expectations for the USDA Export Sales report at 150,000-500,000 MT in all new crop wheat sales for the week of 7/12. That would be well above last week’s extremely low 136,408 MT. President Trump indicated on Wednesday that the US may work out a separate trade deal with Mexico as an alternate path to the current NAFTA talks.
Soybean futures are mostly 5 cents lower this morning. They ended their third consecutive day higher by showing 2-3 cent gains on Wednesday. Preliminary open interest dropped 457, showing light short covering. Nearby soy meal down 90 cents/ton, with soy oil 34 points higher. The USDA reported a private export sale of 199,500 MT of soybeans to Pakistan for 18/19 delivery through their daily reporting system. Trade estimates ahead of today’s FAS report are showing 200,000-500,000 MT of old crop soybean sales in the week that ended 7/12. New crop is expected to be in a range of 100,000-500,000 MT. Soy meal sales are seen at 75,000-350,000 MT, while 8,000-40,000 MT is projected for soy oil. China sold 140,068 MT of soybeans from state reserves in an auction on Wednesday, totaling 28.29% of the amount offered.
Corn futures are mostly 1 1/2 cents per bushel lower this morning. They posted fractional to 1 1/4 cent gains in most contracts on Wednesday, helped by positive ethanol data. Preliminary open interest rose 9,385 contracts on some new buying interest. Wednesday morning’s EIA report indicated that daily ethanol production (and thus corn use) in the week that ended 7/13 was back up 31,000 barrels per day at 1.064 million bpd. Ethanol stocks were drawn down by 625,000 barrels to 21.768 million barrels on large reductions in the Midwest and Gulf. Analysts are looking for this weekly Export Sales report to show 300,000-600,000 MT in old crop corn sales. New crop sales are seen at 200,000-500,000 MT for the week that ended 7/12. A South Korean importer purchased 60,000MT of US corn in a tender on Wednesday.