Mixed Markets Today
Tune in to hear Kevin and Cody discuss how export sales and the WASDE affected the markets today.
Markets mixed going into the weekend
Cody and Logan talk about the trade action on Friday and what producers should be thinking about as they come out of Harvest. Cody also digs into the average basis changes seen at the national level.
Big Soybean Exports Support Market
Soybean exports of 1.61 million metric tons support today's market. Tune in for a complete break-down as well as a discussion of the sustainability of the rising prices.
Grains Bounce Back
Informa Numbers Pressure Soy Complex
Informa released their updated production estimates for South America, today we discuss the numbers and weakness in corn and soybeans.
Talk of Soymeal Imports Pressures Beans
Grains are drifting lower as trade chatter looks for Argentine meal to hit U.S. shores
Grain prices are moving lower in Chicago, with corn down 4, soybeans off 10 and Chicago wheat down 4 cents. We are past first notice day for November 2014 soybean contracts, please begin trading the January contract to avoid any issues with delivery.
Soymeal futures are trading down a percent in the early going on trade rumors that Argentine soymeal is U.S. bound following last week’s huge rally in price. Harvest is the last time we would expect soymeal imports, but the sharply inverted U.S. futures market has given domestic users the incentive to look abroad.
Northern Brazil received precipitation over the weekend but the trade remains concerns about output moving forward. Rainfall totals have been 30% behind normal during October, delaying planting and forcing some producers to replant. The 7 day outlook has turned a bit more dry over the weekend – we will continue to monitor the pace of planting in Mato Grasso.
Several private analysts will be releasing their updated crop projections ahead of the November 10th USDA report. FC Stone will be out today and Informa will give their updated numbers later in the week. Grains have traded sharply higher over the last month with very little consideration for current 2014/15 ending stock estimates.
Corn and Soybeans Move Higher Into the Weekend
Corn and soybeans furthers both continued higher today on light news. Today we discuss the technical landscape and cash market changes on GrainTV.
Grains Drifting Lower as Dollar Index Surges Higher
Grains are down slightly this morning while outside markets are very busy. Dollar sharply up while Crude and Gold off a percent or more.
Corn, soybeans, and wheat are continuing to drift lower in the overnight session. Coming into the morning trade break corn is down 2, wheat is off 5 cents, and soybeans are down 5 cents. Today is first notice day for November 14 futures, please roll all soybean positions to the January contract.
Soymeal is drifting lower to unchanged this morning in a relatively quiet trade. The CME Group has raised soymeal margins by 25% for speculators and hedgers effective today, leading some trading to believe a further retracement will be seen. Higher margins force traders to liquidate open positions or re-margin existing positions. Many longs in the market may opt to liquidate their positions after a huge run up since early October.
Beneficial rains are expected to hit Brazil today through Wednesday in the key growing state of Mato Grasso. These rains are much needed as dryness over the last 30 days has forced many producers to replant soybeans. The forecast has turned slightly dryer for the 2 week forecast, and we will continue to monitor any changes. Argentina corn is off to a great start as the key growing state of Cordoba has received a surplus of moisture over the last 30 days.
The dollar index is surging another leg high this morning, trading up nearly a percent in the early going. FED comments on Wednesday got the rally started as the Federal Reserve announced plans to end their 6 year bond buying program. Gold and Crude Oil are both trading substantially lower, gold down 3% while crude is off a percent and a half.
Grains Finally Find Selling Pressure
The grain market finally found selling pressure after yesterday's big run up. Today we discuss what was moving the market and how basis is responding to the big gains on the board.
Weekly Cash Comments
The futures market slide 12 ¼ cents for soybeans and 8 ½ cents for corn but despite the sharp slide in prices, basis remained for the most part steady increasing only a penny for soybeans and 1 ½ cents for corn.
Can wheat extend bounce off $5.00?
In the overnight session corn is trading ¾ of a penny lower with soybeans unchanged and a 2 cent increase in wheat. Wheat prices found support yesterday after touching $5.00 ¾ briefly during the session. Wheat seems oversold at these levels after falling sharply from the $6.77 high on...[Read More]
Export Sales Review
Soybean Sales Bounce Back
In the overnight session corn is trading down 2 ¼ cents, soybeans are trading 3 ¾ cents higher and wheat is down 2 ¼ cents. This morning a reportable sale of 116,000 metric tons of sorghum was announced to unknown destinations with 58,000 metric tons for delivery in 14/15 marketing year and...[Read More]
Strong Ethanol Stocks
Will Brazil transportation logistics lift U.S. soybean exports
The grains are all trading lower this morning with corn down 2, soybeans down 4 cents and wheat down 4 cents. Yesterday, mixed export news hit the market early with a 120,000 metric ton cancellation of soybeans to China followed by an announcement of a new sale that included 111,000 metric...[Read More]