Early pattern recognition on the CBOT today ahead of tomorrow’s August WASDE report - bottom line no drama. Volume was slack, except in lean hogs, and trading ranges were muted. December corn had a trading range of 4.75 cents, which is to say it is settled science. Except for Monday, overall trading these past five days can be called muted.
Reinforcing the market calm are private estimates ahead of tomorrow’s USDA WASDE report. They are unremarkable. A recap of the modest expectations as noted by Matt Herrington yesterday:
A 2-bushel (-1.1 percent) reduction in corn yield, -1.2 percent in production, and 3.6 percent fewer bushels in ending stocks.
A 1.5 percent cut in soybean yields, a 1.4 percent reduction in...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...