Wheat surged today with CBOT July futures finishing 23 1/2 cents higher and KC July wheat closing 26 3/4 cents higher. July corn closed 2 3/4 cents higher with July soybeans closing just 1/2 cent higher. The DJIA closed down 81.33 points with June crude oil $.99 higher at $79.25. COMEX gold was down $31.2 at $2336.10/oz.
Russian wheat crop concerns are coming from Russia where conditions have been dry and some freeze damage was reported in central Russia last week. IKAR dropped its production forecast by 5 million metric tons(mmt) to 86 mmt today. The USDA posted an 88 mmt number on Friday. Surging wheat futures pulled corn values higher as well as beans. There was also some carryover strength from Friday’s friendly S&D report as well and concern over planting progress in some areas. The funds were noted buying 50 mil. of CBOT wheat futures [ … ]
Grains finished out the week on a strong note thanks to a friendly USDA report. Wheat, corn, and soybeans were all able to close with double digit gains. Wheat finished the day up 26 cents in Chicago and 21 cents in KC. Corn closed up 12 cents on new crop and 13 cents on the July contract. Soybeans closed the day up a nickel on new crop and 12 cents higher in old crop. On the week, July corn closed up 9.5 cents, July soybeans closed up 4 cents, and July Chicago wheat closed up 41 cents.
The outside markets were mixed, with crude oil down 91 cents, gold up $30 an ounce, the dollar up 0.07 points, and the Dow Jones up 125 points. The Dow has closed up 8 days in a row, adding 835 points to close the week at 39,512.
Traders have waited literally months for the release [ … ]
Grains finished out the week on a strong note thanks to a friendly USDA report. Wheat, corn, and soybeans were all able to close with double digit gains. Wheat finished the day up 26 cents in Chicago and 21 cents in KC. Corn closed up 12 cents on new crop and 13 cents on the July contract. Soybeans closed the day up a nickel on new crop and 12 cents higher in old crop. On the week, July corn closed up 9.5 cents, July soybeans closed up 4 cents, and July Chicago wheat closed up 41 cents.
The outside markets were mixed, with crude oil down 91 cents, gold up $30 an ounce, the dollar up 0.07 points, and the Dow Jones up 125 points. The Dow has closed up 8 days in a row, adding 835 points to close the week at 39,512.
Traders have waited literally months for the release [ … ]
Choppy price action ruled the day as the trade prepares for the USDA report tomorrow. Much of today’s selling was technical in nature. July corn closed lower for the third straight session, down 2 cents on the day. December corn slipped a penny.
It was another disastrous day for July beans. Prices closed 19 cents lower yesterday and another 19 cents lower today! Escalator up, and elevator down. July fell under the 100 day Moving Average and posted an outside day lower. November soybeans finished 12 cents lower. Needless to say, we could really use a friendly report tomorrow.
Wheat futures settled higher as the world reacts to major frost damage in Russia. July CBOT wheat closed 3 1/2 cents higher, KC up 3 and MLPS added a penny.
Weekly unemployment claims shot up to 231,000, the highest number since August. That gave investors a boost in confidence that the Feds will need [ … ]
Choppy price action ruled the day as the trade prepares for the USDA report tomorrow. Much of today’s selling was technical in nature. July corn closed lower for the third straight session, down 2 cents on the day. December corn slipped a penny.
It was another disastrous day for July beans. Prices closed 19 cents lower yesterday and another 19 cents lower today! Escalator up, and elevator down. July fell under the 100 day Moving Average and posted an outside day lower. November soybeans finished 12 cents lower. Needless to say, we could really use a friendly report tomorrow.
Wheat futures settled higher as the world reacts to major frost damage in Russia. July CBOT wheat closed 3 1/2 cents higher, KC up 3 and MLPS added a penny.
Weekly unemployment claims shot up to 231,000, the highest number since August. That gave investors a boost in confidence that the Feds will need [ … ]
Active selling by both the Funds and farmers combined to push prices lower today. The funds were estimated to have sold 20 million bushels of corn, 30 million soybeans and 20 mbu of wheat. July corn finished the day down 8 1/2 cents, and near the session low. December corn fell 7 cents. However, it was soybeans that bore the brunt of today’s selloff. July soybeans closed 18 3/4 cents lower, with November futures down 15 cents. Wheat prices also got hammered in the KC and MPLS markets. KC wheat settled 15 cents lower, MPLS was down 16 and Chicago lost nearly 9 cents on the day.
The Dow closed 172 points higher. It was the 6th consecutive day of a higher close as traders are starting to feel “comfortable” with regards to the economy. Gold fell $7.40 and the dollar index was slightly higher. Oil was up $.84/barrel after hitting [ … ]
Active selling by both the Funds and farmers combined to push prices lower today. The funds were estimated to have sold 20 million bushels of corn, 30 million soybeans and 20 mbu of wheat. July corn finished the day down 8 1/2 cents, and near the session low. December corn fell 7 cents. However, it was soybeans that bore the brunt of today’s selloff. July soybeans closed 18 3/4 cents lower, with November futures down 15 cents. Wheat prices also got hammered in the KC and MPLS markets. KC wheat settled 15 cents lower, MPLS was down 16 and Chicago lost nearly 9 cents on the day.
The Dow closed 172 points higher. It was the 6th consecutive day of a higher close as traders are starting to feel “comfortable” with regards to the economy. Gold fell $7.40 and the dollar index was slightly higher. Oil was up $.84/barrel after hitting [ … ]
Grains took a breather today on old crop months as increased farmer selling, slow plantings, and a slightly different weather forecast put the brake on the recent rally. Old crop corn closed 2 cents lower while old crop soybeans lost 2 cents. New crop corn and bean prices were able to close steady to higher, as December ’24 corn closed unchanged and new crop November ’24 soybeans closed up 8 cents. Wheat traded weaker, with Chicago wheat down 4 to 6 cents, and KC wheat down 10 to 11 cents.
The outside markets were mixed, with gold trading $8 lower and the dollar index was up 0.336 points. The Dow Jones index was 32 points higher, and crude oil was up 9 cents. The latest 8 to 14 day weather maps show warm temps with normal to above normal precipitation for most areas. Rains will need to [ … ]
Grains took a breather today on old crop months as increased farmer selling, slow plantings, and a slightly different weather forecast put the brake on the recent rally. Old crop corn closed 2 cents lower while old crop soybeans lost 2 cents. New crop corn and bean prices were able to close steady to higher, as December ’24 corn closed unchanged and new crop November ’24 soybeans closed up 8 cents. Wheat traded weaker, with Chicago wheat down 4 to 6 cents, and KC wheat down 10 to 11 cents.
The outside markets were mixed, with gold trading $8 lower and the dollar index was up 0.336 points. The Dow Jones index was 32 points higher, and crude oil was up 9 cents. The latest 8 to 14 day weather maps show warm temps with normal to above normal precipitation for most areas. Rains will need to [ … ]
It was a strong day in the soy complex, as July beans closed 33 3/4 cents higher. July soymeal was up $15.40. Corn also got in the act with July corn closing 8 3/4 cents higher and July CBOT wheat closing 26 1/4 cents higher. KC July wheat closed 25 cents higher. New corn futures finished nearly 6 cents higher with new beans up 19 cents. The DJIA closed 176.59 points higher for the fourth straight day. June crude oil was up $.46 at $78.57.
Heavy short covering amid weather concerns both in the U.S. & South America pushed values to 3-month highs in both corn and beans. The funds were noted buying 60 million bushels of beans, 50 million CBOT wheat and 30 mbu of corn. Wet forecasts and slowed planting in the ECB have made for nervous shorts. There is too much rain in southern Brazil which isn’t just slowing [ … ]