- Fed Day Tomorrow
Do They or Don't They?
- Oats telling a grain story?
The "canary" in the mine is what traders look to oats for. Trading them due to light volume is not something I recommend. However, savvy grain traders...
- Morning Grain Market Research
While the need to trade grain does not cease to exist just because we approach a holiday or the end of a calendar year, but regardless, market activity...
Futures Market News and Commentary
Corn futures managed to close the Tuesday session with 1 to 1 3/4 cent gains in most nearby contracts. The weekly EIA report showing ethanol production and stocks for the week of 12/14 will be released on Wednesday. DTN’s national cash average for corn was reported at $3.49 on Monday evening. That puts national basis at -35 cents, 3 1/4 stronger than last year, which is a function of the export program and projections for tighter year end stocks. Ukraine’s UZA estimates corn exports at 27 MMT for 18/19, vs. the USDA at 28 MMT.Mar 19 Corn closed at $3.85 1/2, up 1 1/2 cents,May 19 Corn closed at $3.93 1/2, up 1 3/4 cents,Jul 19 Corn closed at $4.00, up 1 3/4 centsSep 19 Corn closed at $4.01 1/4, up 1 1/2 cents--provided by Brugler Marketing & Management
Soybean futures settled the day with most contracts 2 to 3 1/4 cents higher. Nearby soy meal was up $1.30/ton, with soy oil 24 points higher. As of Monday evening, DTN reported a national average soybean cash price of $8.18 1/2. That pegged the national basis 15 cents weaker than a year ago at -86 1/4 cents. It has improved dramatically since September, and some locations firmed a nickel yesterday or today on fresh export potential. Wire reports rumored Chinese buying of an unspecified additional quantity of US soybeans, any purchases over 100,000 MT should be reported by the USDA’s daily system tomorrow morning. There are also rumblings about drought stress in parts of Parana (Brazil).Jan 19 Soybeans closed at $9.07 3/4, up 3 cents,Mar 19 Soybeans closed at $9.20 3/4, up 2 3/4 cents,May 19 Soybeans closed at $9.34, up 2 1/2 cents,Aug 19 Soybeans closed at $9.50 1/4, up 3 1/4 cents,Jan 19 Soybean Meal closed at $310.40, up $1.30,Jan 19 Soybean Oil closed at $28.41, up $0.24--provided by Brugler Marketing & Management
Wheat futures ended the Turnaround Tuesday session with most CBT and KC contracts 2 to 5 cents lower. MPLS was down 5 to 8 1/2 cents. Now that we’ve switched to nearby March, the front month CBT-KC spread is down to 15 1/2 cents. That is likely a result of strengthening HRW exports. It was briefly over 40 cents. Japan’s weekly Ministry of Ag tender is for 71,040 MT of US and 35,060 MT of Canadian wheat, with the tender to close on Thursday. A Ukrainian grain traders union estimates the country’s wheat exports for 18/19 at 16 MMT (USDA currently @ 16.5 MMT), with 19/20 exports projected at 18 MMT.Mar 19 CBOT Wheat closed at $5.32 3/4, down 2 1/2 cents,Mar 19 KCBT Wheat closed at $5.17 1/4, down 4 3/4 cents,Mar 19 MGEX Wheat closed at $5.76 3/4, down 8 1/2 cents--provided by Brugler Marketing & Management