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Grains Mixed in Quiet Trade to Start the Week

US Dollar is Up this morning

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Grains were mixed in quiet trade to start the week while crude oil continued to march higher. Equity futures and the US dollar were up as well in early morning trade action.

Wheat came into the week in a buying mood following Friday’s CFTC report which showed a record large short spec position. Also, overnight French Farm Ministry cut their forecast for wheat production to 28.0 MMT versus a previous estimate of 28.2 MMT. However, they did bump up their corn forecast to 12.6 MMT from 12.5 previously.

Export deals were active in wheat overnight.. A group of South Korean mills bought a couple of loads of wheat totaling 100,000 MT from Australia while a flour mill in Bahrain bought 25,000 MT of wheat from Baltic Sea markets

In the US weekend weather was mostly dry across the Midwest which helped move corn/soy harvest along. This week there are a few minor showers in the Central and SW Midwest; longer term, the 6-15 day forecast shows some rain potential could slow C. & E. Midwest corn/soy harvest progress briefly, but overall progress near normal.

Crude oil sold off on Friday after the Russian energy ministers said “he was not expecting to sign a production deal with OPEC at the World Energy Conference, which starts this week in Istanbul.” In addition, the Baker Hughes weekly report on U.S. oil rig counts increased for the 7th straight week to 428 rigs.

The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)

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