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 [ … ]
It was a mixed day in the grains, with corn and wheat closing lower, and soybeans closing higher. Soybeans closed up 4 to 5 cents, after being up almost a dime midday. Corn was pulled down by lower wheat prices, with corn losing 1 to 2 cents per bushel, and wheat dropping 14 cent in KC and 12 cents in Chicago. The outside markets saw a RISK OFF type of day, with crude oil dropping $2.55, gold losing $27, and the Dow Jones down 45 points with the NASDAQ down 181 points. The dollar index was off 0.305 points today.
Crude oil broke on a bearish Dept of Energy report showing a build of crude oil stocks to 10 month highs. This was the 4th week in a row of a build in stocks, and the market seemed to ignore the continued issues in the Middle East. [ … ]
Prices finished lower today in a day void of fresh news. May corn traded in a narrow range, and closed 1/2 cent lower. New crop corn settled 2 cents lower. Soybeans bounced around in a 20 cent trading range, and closed near session lows. May soybeans finished the day 13 cents lower, with November futures dropping nearly 9 cents. Wheat futures were mixed. Chicago closed 2 cents lower, but KC closed 3 1/2 cents higher along with a penny gain in MPLS wheat. The funds sold 20 million soybeans, increasing their net short position. They also sold 5 million corn and wheat on the day.
Today, Federal Reserve Chairman Powell commented that the Feds lack confidence on interest rate cuts, and may need to possibly delay cuts. And, boom – that was all that was needed to stop a 6 session streak of lower closes for the Dow. The Dow finished [ … ]
Happy Tax Day! The old saying was you spent the first three and a half months of the year working for the government and now you can finally work for yourself. Depending on where you live you may still have a couple of months to go.
The grain markets greeted Tax Day with lower values across the board with May corn closing 4 cents lower and May soybeans closing down double digits at 15 3/4 cents lower for the day. July CBOT wheat closed 3 1/4 cents lower with KC July wheat closing down 6 1/4 cents. The DJIA closed 248 points lower while May crude oil was down $.05 at $85.61. April gold was up$26.80 at $2393/oz. Gold continued to make historical all time highs with the COMEX May contract up $279/oz IN JUST THE LAST MONTH and up $567/oz. since last October.
The market [ … ]
Grains finished the week out on a strong note, with corn, soybeans, and wheat all closing higher. For the day, corn closed up 6 cents, wheat closed up 4 cents in Chicago, and 6 to 8 cents in KC. Soybeans closed up 14 cents on the old crop, and new crop rallied 12 cents. Soybeans were helped by an export announcement of 4.5 mln bushels sold to Unknown for 2023/24. For the week, corn closed up 1 1/4 cent , soybeans closed 11 cents lower, and wheat rallied 4 cents in Chicago, and 6 cents in KC.
The outside markets had extreme volatility today, thanks to new concerns in the Iran/Israel conflict. Gold spiked over $60 higher to break thru the $2,400 level for the first time ever, but then traded $20 lower, and closed a $1 higher. The nearby gold contract had a $93 an ounce [ … ]
Prices finished lower today in response to today’s USDA report. Carryouts increased more than expected for soybeans and wheat, and corn carryout didn’t fall as much as the trade expected. 3 for 3, with the Bulls on the wrong side. Corn prices closed near session lows. May corn settled 5 1/2 cents lower with new crop down 4 cents. Soybeans finished a nickel lower, with May closing 8 cents off session lows. Nearby CBOT wheat closed nearly 7 cents lower, KC down 11 and MPLS fell 15 cents.
The outside markets fared better than yesterday. The government released the PPI and core PPI reports today, with something for everyone. The Dow traded back and forth, and ultimately finished the day nearly unchanged. Gold had a big day – up nearly $40. The dollar index was slightly lower, and oil was .60 cents lower.
Today’s report didn’t favor the Bulls, but it wasn’t [ … ]
Another choppy day of trading, with mixed results. May corn came a penny shy of regaining back all of yesterday’s loss. May corn closed 3 cents higher, with December futures up 2 cents. Soybeans traded higher overnight, but sizzled during the day session and closed near 4 week lows. May beans closed 16 cents off session highs, and 9 3/4 cents lower for the day. The November contract finished the day 9 cents lower, as well. Wheat prices climbed higher, with KC finishing near the highs of the day. Nearby CBOT wheat closed 3/4 cents higher, KC up 17 and MPLS settled up 1/4 cent.
The big action of the day occurred in the outside markets. According to the latest consumer inflation reading, inflation is very much alive. March inflation was pegged at 3.5%, up from February’s 3.2% rate. A reduction in interest rates will now likely have to wait until [ … ]
Grains closed lower as planting nears, and weakness was seen in the energies. For the day, corn closed 4 to 5 cents lower, soybeans dropped 6 to 7 cents, and wheat lost 8 to 10 cents. In the outside markets, crude oil dropped $1.09, gold rallied $16 to another new record high, and the dollar index was steady. The Dow Jones index lost 9 points.
The USDA will be updating the April Supply & Demand report on Thursday April 11th. They will incorporate the March 1 stocks numbers in the report, but the acreage numbers will wait until the May report. Trade estimates are shown below.
Below are the trade estimates for South American crops. While the trade is looking for lower estimates for both Argentina and Brazilian corn and Brazilan soybeans, the Argy bean crop is expected to increase. Well respected crop scout Dr. Cordonnier is reportedly [ … ]
Happy Eclipse Day! Much of the ECB was able to see the eclipse today with a large swath of Indiana and Ohio being able to experience totality. Speaking as someone who resides in central Indiana it was a remarkable sight.
Perhaps the traders were caught up in eclipse mania, as it was a rather quiet day. Prices closed mixed with May corn closing 1 1/4 cents higher while May beans closed down 3 1/2 cents. July CBOT wheat closed 1 1/4 cents lower with KC July wheat closing up 5 cents. The DJIA closed down 11.2 points while April crude oil was down $.43 at $86.48. April gold was up $13.4 at $2339/oz.
It was a rather featureless day as the market sought direction in a rather narrow range. Lower soybean oil put light pressure on beans as lower palm oil pulled soy oil a bit lower. Decent corn loadings gave light [ … ]