- Kansas City Wheat Keeps Popping Up
From Haunted By Markets dated....
- Morning Grain Market Research
As I have often commented, market action and reaction are often more about the perception than reality of something. Do not take me wrong, I fully appreciate...
- Morning Grains Report 07/17/18
DJ USDA Grain Inspections for Export in Metric Tons – Jul 16 COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
- Wild Energy Fears for Bulls. The Corn & Ethanol Report 07/17/18
We start off this Tuesday with Capacity Utilization and Industrial Production at 8:15 A.M. followed with API Energy Stocks at 3:30 P.M. Yesterday’s Corn...
- Adrift/Albatross Mishap
- Soybeans set to surge?
Can soybeans breakout of their slump?
Agricharts Market Commentary
Corn futures are mostly 4 to 5 1/4 cents higher at midday, finding support from short covering following Monday’s report of lower than expected condition ratings. The Crop Progress report showed NC as the only of the 18 states to lag average for silking, as most major Corn Belt states were more than double digits higher compared to normal pace. The 63% silking for this week is the fastest pace (excluding the 2012 drought) dating back to 1990. Condition ratings in NE were 4 points higher and up 1 point in IA, with ND and TN the only other states to report better conditions wk/wk. Recent losses in corn have caused basis to strengthen, as DTN reported the average cash price at $3.16 1/2 on Monday afternoon 14 1/2 cents lower than a year ago. That brought the national average basis to -25 1/4 cents, 18 3/4 cents stronger than the same day last year!Sep 18 Corn is at $3.46 3/4, up 5 cents,Dec 18 Corn is at $3.60 1/2, up 5 1/4 cents,Mar 19 Corn is at $3.72, up 4 3/4 centsMay 19 Corn is at $3.79, up 4 3/4 cents
Wheat futures are showing 9 to 12 cent gains in most CBT and KC contracts on Turnaround Tuesday. MPLS is up 5 to 7 cents at the moment. The winter wheat harvest is nearly complete in KS, with TX at 95%, CO 80%, and NE 62% harvested. The spring wheat crop was at or ahead of normal pace for heading in all six major states. Condition ratings for the spring crop were lower in MN, MT, and ID, with SD and WA slightly higher. Japan is seeking 57,914 MT of wheat from the US in their weekly MOA tender, which closes on Thursday.Sep 18 CBOT Wheat is at $5.00 1/2, up 12 cents,Sep 18 KCBT Wheat is at $4.95 3/4, up 11 1/4 cents,Sep 18 MGEX Wheat is at $5.35, up 6 3/4 cents
Soybean futures are trading 7 to 8 cents in the green on a decline in crop condition ratings and continued strong export activity for this time of year. Nearby soy meal is down 60 cents/ton, with soy oil 5 points higher. Monday’s USDA Crop Progress indicated most states along the Corn Belt were nearly twice as far along setting pods than their average pace. It also showed condition ratings 4 points higher in NE, with IL up 2, while IN was down 4 and IA 1 point lower. The national average cash price for soybeans was reported at $7.69 1/2 by DTN on Monday afternoon. That was $1.50 lower than last year, showing an average basis of -60 cents, 5 1/4 cents stronger than the same time last a year ago.Aug 18 Soybeans are at $8.37 1/2, up 8 cents,Sep 18 Soybeans are at $8.43 1/4, up 8 cents,Nov 18 Soybeans are at $8.53 1/4, up 7 1/2 cents,Jan 19 Soybeans are at $8.63 1/2, up 7 1/2 cents,Aug 18 Soybean Meal is at $328.50, down $0.60Aug 18 Soybean Oil is at $27.69, up $0.05