The CBOT opened weaker overnight with funds taking profits following a moderately bearish WASDE yesterday and a key reversal in corn futures. That selling accelerated during the day session with little news to offer support and China and Southeast Asia heading into the Lunar New Years holiday. Funds are thought to have sold 30,000 contracts of corn, 20,000 contracts of soybeans, and 12,000 contracts of wheat. Malaysian palm oil inventories rose to 1.32 MMT at the end of January, up 4.7 percent from the prior year. The stocks build-up came despite a slowdown in production and was due to a 14-year low export pace in January. Despite the news, April palm oil futures rose 1.6 percent overnight and are heading towards an open chart gap at...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
From WPI Consulting
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