Surprising Export Sales
This morning export sales surprised analyst expectations with wheat seeing significant old crop cancellations and soybeans booking over 400,000 metric tons of old crop sales.
In the overnight session the grains moved higher with corn up 1 1/2 cents, soybeans up 6 1/2 cents and wheat up 3 1/4 cents going into this morning’s pause in trade. The dollar index was trading lower most of the night, but has found some buying support underneath the 100 day moving average...[Read More]
Dollar Decline Helps Grain Prices
Cody reviews how the dollar decline, export sales expectations, and ethanol production affected grain prices today.
Dollar Sinks on Weak U.S. GDP
The grains are trading slightly higher, lifted by a falling dollar after GDP numbers disappointed traders this morning.
In the overnight session corn was up 2 1/2 cents, soybeans up 1/4 of a cent and wheat increased 3 1/2 cents. A reportable sale was announced yesterday with 390,000 metric tons of new crop soybeans sold to unknown destinations. This morning another reportable sale was announced for 130,000...[Read More]
Volatile Day of Trading
Cody recaps today's market and explains why he is skeptical of price gains this week.
Soybeans Pop in the Overnight
In the overnight session the soybean market popped higher touching on the 50 day moving average which has acted as resistance in the recent weeks.
In the overnight session the grains were mixed with corn up 1 1/2 cents, soybeans up 9 1/4 cents and wheat down 2 1/4 cents. First notice day for May grain contracts is Thursday the 30th. Be sure to either liquidate or roll those may contracts by the close of trade on Wednesday.
Tune in for today's report.
Grains Pressured on Monday Morning
The grains are pressured by precipitation in the southern plains, a stronger dollar and the easing of the trucker strike in Brazil.
In the overnight session the grains traded lower with corn down 2 1/4 cents, soybeans up 1/2 a cent and wheat down 2 cents going into the morning pause in trade. Crude oil is down 28 cents and the U.S. dollar is trading a fraction of a percent higher. Exporters reported 158,000 metric tons...[Read More]
Weekly Wrap Up
Cody gives and update on the Brazilian trucker strike and weather in the plains. He ends with a report of weekly basis changes.
Weekly Cash Comments
Weekly Cash Commentary for week ending April 24
Grain basis levels were modestly higher this week with both corn and soybeans posting an anemic 1-cent a bushel gain on average across the US this week.
In corn, it was a quiet week for export basis with the Gulf basis unchanged. River terminals found only modest strength with barge...[Read More]
Corn Weak on Prospects of Record Argentina Crop
The agricultural ministry announced Argentina is anticipating a record corn harvest and raised their forecast by 1 million metric tons yesterday.
In the overnight session the grains traded lower with corn down 2 cents, wheat down 1 3/4 cents and soybeans down 3 3/4 cents. The U.S dollar index is down 1/4 of a percent and crude oil is off 11 cents this morning. This morning a reportable export sale was announced for 121,400 metric tons...[Read More]