Category Archives: Midday Commentary

AgResource Midday Commentary; Crop Frost/Freeze Damage in Europe with another cold night ahead; Parana Corn Crop Downsized; Midday GFS shifts Heaviest of the 10 Day Rain South and West

AgResource Farm Marketing Advice for Thursday: 1/ Wheat Producers: Sell 25% of ‘23 wheat production if July Chicago wheat futures reach $6.25. 2/ Wheat Producers: Sell 25% of ‘24 wheat production if Dec Chi wheat reaches $6.65. CBOT Choppiness Persists with Grain Higher While Soy Futures Sag; EU farmers trying to gauge Cold Weather Damage…

AgResource Midday Commentary; US Wheat Prices Rise on Fund Short Covering; GFS Breaks Out Rain for SW Russia in 11-15 Day Forecast; Argentine Farmers Cut Soybeans

CBOT Choppiness as Fund Managers Adjust Positions Ahead of May Deliveries;  May Paris Wheat Futures Lower on the Week on Stable Russian fob Wheat offers; Midwest corn planting is Speeding Ahead in Areas that missed Tuesday’s rain. Position adjustments are featured (again) today money managers adjust risk downwards. Q1 trades of long equities, metals and…

AgResource Midday Commentary; CBOT Wheat Rallies on Drier GFS Forecast for the W Plains; Mato Grosso Winter Corn Seeding Down 10%; Oil Share Trade Bottoming?

Firmer midday CBOT values are noted with early-day grain weakness finding support. Managed money grain short covering with SW Russian dryness lingering in the background while the GFS/European models are at odds over whether W Kansas/Oklahoma receives needed rain this weekend. Kansas wheat is in the jointing phase of crop development and enters the critical…

AgResource Midday Commentary: Wheat Rallies against 100 Day Moving Average: Weekly Corn Exports Strong; Brazilian Winter Corn Progress

Wheat rallies sharply to 100 day moving average at $5.97 basis July Chicago where hedge selling is noted. Push above $6.00 July Chicago unlikely until more is known about Western US Plains and SW Russian rainfall during May. Corn/soy follows with European corn planting to increase due to warming temperatures. Soymeal bear spreading reflects weakening…

AgResource Midday Commentary: Soybeans Forge Upside Reversal off Contract Lows; ENSO Update for La Nina; Deliverable Corn Receipts Canceled

Bouncing off contract lows in soybeans while wheat/corn rally in a turnaround Friday. The strong overnight CBOT rally spooked the bears and covering is noted into midday; Russia interior cash wheat prices firm on warm/dry weather.  CBOT corn, soybean and wheat futures are higher at midday in a corrective trade as the US dollar falls…