- Morning Grain Market Research
In a show of resiliency that we have witnessed very rarely as of late, the grain/soy markets shook off the early pressure yesterday and posted higher closes...
- Ping Pong Tariff Talk. The Corn & Ethanol Report 07/20/18
Late reports today and start at 2:00 P.M., beginning with Catfish Production, Cattle and Cattle on Feed followed by Milk production. On the Corn front...
- Daily Grain Market Commentary (7.20.18)
A real rally or relief rally?
- Looking for Directio
- Traders Look to Technicals for Next Direction
Traders Look to Technicals for Next Direction
- Wheat (ZW) Breaking 2 Month Descending Wedge Resistance
Wheat (ZW) surged almost 2% yesterday, breaking above a descending wedge resistance (on the 4hr and daily chart). All the agris on my Watchlist are now...
Agricharts Market Commentary
Wheat futures are mostly 4 to 6 cents higher this morning amid general ag commodity buying. They posted gains of 7 to 9 cents in most contracts on Thursday. The weekly Export Sales report from FAS showed all wheat exports picking back up a bit at 434,660 MT, still 8.55% slower than last year but 52% above last week. All wheat commitments for export are now lagging last year by 26.5%. They are also well behind the normal pace if they are to hit the USDA projected export number of 975 mbu, currently sitting at 24% complete, with the average at 37%. Japan’s MOA purchased 57,914 MT of US wheat in their weekly tender on Thursday.
Soybean futures are currently 5 to 6 cents higher after closing 3 to 4 cents higher in the nearby contracts on Thursday. Nearby soy meal was up 60 cents/ton, with soy oil 24 points lower. The USDA reported that weekly export shipments totaled 605,182 MT. That was 69.1% above a year ago, as 119,800 MT went to Mexico. Export commitments for soybeans are now 3.8% behind last year. They are 102% of the newly updated USDA export projection of 2.85 bbu, matching the 5 year average pace. Soy meal shipments were 341,927 MT, with 20,374 MT for soy oil.
Corn futures are trading 2 to 3 cents higher. They saw 2 to 4 cent gains in most contracts on Thursday, closing higher for the fourth consecutive day. The USDA Export Sales report for the week that ended on 7/12 showed shipments of 1.293 MMT. That was up 46.85% from this week last year but down 7.4% from last week. The main destination was Mexico at 335,700 MT, with 211,400 MT headed to Japan. Total exports are now just 3% behind a year ago, with total commitments outpacing the same time by 5.3%. Following last week’s increase to projected exports, they are now just 96% of the USDA number vs. the average of 102% on this date. The Buenos Aires Grain Exchange trimmed their Argentine corn crop estimate by 1 MMT to 31 MMT, potentially opening up more US export opportunity.