The CBOT was mostly lower on Tuesday amid favorable weather forecasts for South America and a general lack of news. The market with the most interesting action was soymeal, where commercial demand and export interest are fueling a strong rally. The strength in soymeal spilled over into soybeans and kept the January contract above support at $13.00 for the day. The grains did not fare as well with corn and wheat both breaking lower and corn blowing past technical support levels. Beyond the South American weather, there wasn’t much fresh news for markets, which is never helpful for bullish interests. Weather models continue to show better chances for rain in Argentina in the next 10 days with this afternoon’s 2-5-day outloo...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
From WPI Consulting
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