The first day of May ushered in a pleasant surprise today.   After early session weakness, corn and soybeans finished higher.  The volume was light and buying was believed to be technical in nature.  July corn closed 4 cents higher, but more importantly 7 cents off session lows.   December corn closed 3 cents higher.  After yesterdays big sell-off,  July soybean futures found a way to stop the bleeding. July finished 7 cents higher, and 14 cents off session lows.  November beans moved 5 cents higher.  The winning streak stopped with wheat.  July CBOT wheat closed 4 cents lower, KC down 10 and MPLS fell 2 cents.

We suspected some big moves were in store for outside markets today given the Fed’s meeting.  Fed Chairman Powell said interest rates are high enough to slow inflation, and a rate hike is unlikely.   Rates were left unchanged.  The Dow bounced in a 533 point range [ … ]

YUCK! The end of the month and a slightly better weather forecast brought a new round of fund selling today. Soybeans led the market lower, closing down 18 to 19 cents. Corn lost 2 ½ cents on the July contract, and 3 cents on new crop, while wheat fell 15 cents in KC and a nickel in Chicago. The outside markets were all lower, except for the dollar index that rallied 0.697 points. The Dow Jones index lost 570 points, crude oil dropped $1.00, and gold lost $55 an ounce.

The outside markets fell under pressure today as traders await another decision from the federal reserve on interest rate reductions or hikes. Many investors expect the Fed to leave interest rates unchanged. Strong wage data also spooked the stocks today, as economic reports show rising labor costs of 1.2% last quarter, and a weakening of consumer confidence.

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Soybeans saw slightly higher values while wheat saw double digit losses. May & July corn closed 3/4 of a cent lower while May beans closed 1 1/4 cents higher, and July beans were up 4.75 cents. July CBOT wheat closed 13 3/4 cents lower with KC July wheat down 3 3/4 cents. The DJIA closed 146 points higher while June crude was down $1.15 at $82.70. May gold was up $6.30 at $2341.3/oz. The dollar index closed down 0.319 points.

Wheat had a corrective day lower which helped to pull corn values slightly lower. This was the first session since April 17 that July wheat had closed lower. Corn loadings were nearly 20 mil. bu. lower than LW which kept bulls on the sideline as well.

Corn export inspections came in at 48.3 million bu. vs 65.4 million a week ago. Nothing went to China while [ … ]

Prices traded in a choppy manner, and finished near the bottom of today’s session.  Fresh news was limited. July corn finished 2 cents lower.  New crop corn futures fell 2 3/4 cents.   July soybeans fell 2 1/2  cents with new crop down 3/4 cents.  Wheat prices continue to advance higher due to short covering and weather uncertainties.  July CBOT wheat finished a penny higher, but KC moved 14 cents higher with a 6 cent rally in MPLS.

For the first time in a long while, prices  finished higher for the week.  Corn gained 7 cents versus a week ago, with soybeans adding 11-13 cents.  Wheat had a tremendous week.  July Cbot rallied 55 cents, MPLS 51 cents and KC hit it out of the park with a 71 cent move!   The funds trimmed their net short positions, but are still carrying a rather large net short in corn and soybeans.

It has [ … ]

Wheat rallied for the 6th day in a row which helped corn today. For the day, Chicago wheat was up 7 cents and KC wheat was up 7 to 10 cents, and Minneapolis wheat closed 12 cents higher. Corn closed 3 cents higher, while soybeans closed 1 to 3 cents lower. At the lows today, old crop soybeans were down over 15 cents. New crop soybeans closed up a penny.

The stock market got shell shacked earlier in the day, trading over 700 points lower as investors worry about slowing growth and rising interest rates. The Dow Jones index closed down 375, while the NASDAQ lost 100. Interest rates put in 5 month highs today on the 10 year yields. Crude oil shrug off the weakness, and closed 97 cents higher, and the dollar index lost 0.265 points. Gold rallied $6 an ounce today.

Export sales [ … ]

Wheat prices continue the trek higher, but corn and soybean prices failed to ride along today.   CBOT July wheat finished a dime higher, KC was up nearly 16 cents with MPLS adding 13.  May corn closed near session lows, down 5 cents.  New corn settled 2 cents lower.   May soybeans broke its 3 day winning streak, and finished near the bottom of today’s trading range –  1 1/2 cents lower.   November beans closed 1/2 cent higher.

Outside markets were fairly quiet. The Dow posted its first loss in 5 sessions today, down 42 points.  Gold prices slid $10 and oil fell $.41 barrel.  The dollar was slightly higher at .140 points.

The funds continue to cover their shorts in the wheat market, and it appears they are not done.  The combination of  political and weather related issues have pushed the Funds to trim their short positions.  However, the wheat rally failed to [ … ]

Another solid day in the grains, as corn, wheat, and soybeans all closed higher. Wheat was the leader today, closing up 14-15 cents in Chicago, and KC closed up 11 cents. Soybeans closed up for the 3rd day in a row, closing up 5 to 6 cents, while corn was able to hold to 2 to 3 cent gains. The outside markets traded mixed, with crude oil up $1.45, gold lost $7, and the dollar index dropped 0.378. The stock markets were up strong, with the Dow Jones up 263 points, and NASDAQ up 245 points.

Wheat has had a 52 cent rally over the past 3 trading days. That’s almost a 10% gain from the recent lows, and has been driven by both cold temps, dry weather, and geopolitical issues. Dryness has developed in parts of Kansas, and crop ratings took a tumble yesterday. Here is [ … ]

Grains enjoyed a nice rally with double digit gains seen in wheat and soybeans. May corn closed 6 1/4 cents higher while May beans closed 10 1/2 cents higher. July CBOT wheat closed 20 3/4 cents higher with July KC wheat closing 19 1/2 higher. The DJIA closed 253.6 points higher for its best day in two weeks while May crude was down $.29 at $82.85. Gold saw a huge sell-off as April COMEX gold was down $66.9 at $2331.5 -the largest single day drop since December 4 when gold was down $47.60.

Wheat led the grains, as July wheat saw its largest single day rally since July of 2023. Concerns over cold weather damaging HRW ignited the rally as below normal temps were seen over the weekend in KS and other HRW areas. The rally in wheat helped to pull corn and beans higher with corn finding its own support [ … ]

Grains ended the week on a strong note, as increased tensions in the Middle East along with a somewhat wet forecast added risk premium back into grains. For the day, corn closed 6 cents higher, soybeans closed 16 higher on old crop and 11 higher on new crop, and wheat closed up 13 cents in Chicago, and 4 to 7 cents higher in KC. The outside markets were mixed, with crude oil up 41 cents, gold up $16, and the dollar was up 0.002. The Dow Jones index rallied 211 points, while the NASDAQ dropped 2% or 319 points.

New tensions overnight as Israel retaliated against Iran with some reported drone strikes. Iran has downplayed the attack and said there are no plans for retaliation. Crude oil prices didn’t seem too concerned about the attacks, but the ongoing conflicts in Iran/Israel and Ukraine/Russia need to be watched [ … ]

Technical Thursday?  Corn and soybean prices took the path of least resistance, which is lower according to the charts.  This is painful to watch. Lets just hit the targets and move on, shall we?   May corn finished the day 3 1/2 cents lower with December down nearly a nickel.   Nearby soybeans settled 15 cents lower with November down 12.  July CBOT wheat closed 3/4 cent higher, KC up 6 and MPLS rallied 3 3/4 cents.  The Funds sold 30 million soybeans and 10 million corn on the day.

Outside markets were relatively calm. The Dow finished 22 points higher, gold was up $6 and oil was slightly lower.   The dollar index was up .200 points.

Today’s Export Sales report was not supportive to prices.  The strong dollar is hurting sales, along with the steep competition from our global competitors.  Brazil beans are running 50 cents bushel cheaper than the US.  That is [ … ]