Historical articles are made available for reference only.
PM Post - Meal Drags
THE OPEN Nov beans: 5 higher Dec meal: .50 lower Dec soyoil: 35 higher Dec corn: 1 higher Dec wheat: 1 higher The markets opened as called with further strength as traders lifted shorts in beans on the back of a continuing strong soyoil performance. Grains we...
Technical Views - The Upshot
SPREADS Dec crush trades to 1.36c/bu while oilshare trades to new highs at 49.47%. Bean spreads are weaker as November contracts continue to roll forward. Nov/Jan bean carry trades from 11c to 11 1/2c, while Nov 21/22 trades from 1 3/4c to 6 3/4c carry. Nov/March bean spread t...
AM Outlook - Demand Day
GOOD MORNING, Prices were higher at the start of the PM session with beans and soyoil in the lead to the upside. Global vegoil prices remain lock-step in the plus column as energies work to new highs. Canola prices are once again sharply higher on poor Canadian weather. Matif/Canada...
PM Post - Buy Wheat, Sell Corn
THE OPEN November beans: 3 lower December meal: 1.30 lower December soyoil: 25 higher December corn: 2 lower December wheat: 3 lower The markets were called to open higher but funds came out as sellers. Funds continue to adjust positions heading into the October 12 WASDE...
AM Outlook - Trends Intact
GOOD MORNING, Prices opened close to home, higher for soy with some light profit-taking in wheat. All markets are higher heading into the close led by wheat. Minneapolis wheat trades into contract highs, and oats have traded into all-time record highs. Matif wheat made n...
PM Post - Eyeing Next WASDE
THE OPEN November beans: 1 higher December meal: .30 higher December soyoil: 50 pts higher December corn: 3 higher December wheat: 6 higher The markets opened as expected but found selling and a choppy trade. Energies found profit-taking which impacted soyoil...
AM Outlook - Congestive, Constructive, Bearish, Friendly
GOOD MORNING, Prices opened fairly close to home with wheat again the firm trade out, and all else mixed to slightly lower. During the PM session, prices firmed around the board led by soyoil. Egypt is in for wheat, and we will see what origin they purchase. Meal is tryi...
Technical Views - Rebound Higher
SPREADS Dec crush trades to 1.34c/bu, new highs, while oilshare trades 48.80%. Dec/March corn trades from 8c to 8 1/2c carry while the Dec 21/22 inverse trades from 7 1/2c to 5c. Dec/March wheat trades from 12 1/2c to new lows of 13c. Dec wheat/corn trades from 2.12c dow...
PM Post - Soyoil Drives; Grains Relax
THE OPEN November beans: 1/4 higher Deceme meal: 2.00 lower December soyoil: 72 higher December corn: 3 1/2 lower December wheat: 6 1/2 lower It was a bit of turn-around Tuesday as bean prices put in a reversal trade from the lows. Of note was an adjust...
Technical Views - Sliding
SPREADS Dec crush trades higher to 1.28c/bu while oilshare firms up to 47.54%. Dec/March corn trades out to 9c from 8 1/2c. Dec 21/22 inverse trades down to 5 1/4C from 7 3/4c. Dec/March wheat widens out to 12c from 11 3/4c. Dec wheat/corn trades from 2.18 1/2c to 2.08 3...
AM Outlook - Macro Pressures
GOOD MORNING, Prices are mixed this morning, lower for everything but soyoil. Soyoil futures followed a strong performance by palm, which jumped to new contract highs, and firmer crude oil which trades closer to the $80/barrel mark. Oilshare is soaring, as Egypt comes to tender for...
PM Post - Good Inspections
THE OPEN November beans: 7 lower December meal: 1.40 lower December soyoil: 15 higher December corn: 3/4 lower December wheat: 6 higher The markets opened with new highs in wheat helping corn to stabilize, with soyoil futures firmer than expected. Oilshare returns...
AM Outlook - Grains Over Beans
GOOD MORNING, Prices started the PM session lower with corn prices slowly recovering led by wheat. Harvest proceeds forward as trading volumes are light. China is on holiday this week for Golden Week, which will add to fund control. Egypt announced an October 5 deadline...
Technical Views - Mostly Sideways
SPREADS Dec crush trades to 1.22c/bu while oilshare trades at 47.24%. Dec/March corn trades 8 1/4c to 8 1/2c, Dec 21/22 inverse trades down to 6c from 9 1/4c. Nov/Jan bean carry trades from 9 3/4c to 10 1/4c while the Nov 21/22 inverse falls to 2 3/4c from 7 3/4c. Nov/Ma...
PM Post - Buy Grains/Sell Soy
THE OPEN November beans: 2 lower December meal: 1.60 higher December soyoil: 12 lower December corn: 6 higher December wheat: 12 higher The markets opened as called with corn prices rebounding along with strong wheat. Buy grains/sell soy and a small adjustment in oilshar...
Technical Views - Post-Report Adjustments
SPREADS Dec crush trades higher to 1.11c/bu, which will incentivize crushers to do all they can. Oilshare trades higher to 47.0%. Dec/March corn trades from 7 1/4c to 8 1/4c while Dec 21/22 trades from 13 1/4c down to 11 1/4c. Nov/Jan bean carry trades from 9 1/2c to 10c. Nov...
AM Outlook - Two Potential Plays
GOOD MORNING, Prices for the soy complex are mixed, with beans lower, products trading both sides. Oilshare is seeing some profit-taking on the back of lower palm and crude. Grains are mixed with wheat higher to begin the session, but all turn positive by the end of the...
PM Post - Post-Report Adjustments
THE OPEN Nov beans: 4 higher Dec meal: 1.60 lower Dec soyoil: 90 higher Dec corn: 4 higher Dec wheat: 9 higher The markets opened as called but once again put in a good rally as this is month's end/quarter, first notice day for October, and position-squaring in front of...
Technical Views - Mostly Firm
SPREADS Dec crush trades higher to 1.03c/bu while oilshare trades firmer as well to 46.20%. Dec/March corn trades from 7 3/4c carry to 8c. Dec 21/22 corn inverse trades from 21c to 18 1/4c. Dec/March wheat trades from 12c to 12 1/4c, new lows. Dec wheat/corn trades...
AM Outlook - Bears are Watching
GOOD MORNING, The markets continue to put on good rallies. Features overnight include higher oilshare and soyoil strength, (on the back of strong palm prices), which helped beans to trade firm. There could be end-of-month short-covering in beans, as well as buying at perceived marke...
PM Post - Up Leveling
THE OPEN Nov beans: 2 higher Dec meal: .20 higher Dec soyoil: 32 higher Dec corn: 3 higher Dec wheat: 7 higher The markets opened as called with the soy complex trending weaker after the open as grains stood its ground. The lack of business announcement...
AM Outlook - "V" is for Volatility
GOOD MORNING, Prices were mixed overnight but gradually turned higher led by wheat, as traders seem more pre-occupied by what is going on in outside markets such as energies and stocks than Ags. Funds hold a slight short in wheat but could be switching to long into the report tomorr...
Technical Views - Leveling Up
SPREADS Dec crush trades 1.03c/bu while oilshare is steady at 45.78%. Dec/March corn trades out to 8 1/4c from 7 3/4c while the Dec 21/22 inverse falls further to 15 1/2c from 19 1/4c. Dec/March wheat trades from 11 1/2c to 12 1/2c. Dec wheat/corn trades from 1.73 1/2c t...
PM Post - Macros Prompt Fund Selling
THE OPEN Nov beans: 5 3/4 lower Dec meal: 1.40 lower Dec soyoil: 15 lower Dec corn: 1/2 lower Dec wheat: 1 higher The markets opened as expected but the soy complex found new selling after the open which drove beans lower and grains off the new highs traded. Storie...
AM Outlook - Oil is the Big Kahuna
GOOD MORNING, The markets have put in a good rally as we head into the Sep. 1 Quarterly Stocks report. Corn rallied on any number of items, including rumors of possible Chinese inquiries, higher energies, unwinding of previous buy wheat/sell corn trade, and better stochastics that e...
Technical Views - Weight of the Soy Complex
SPREADS Dec crush trades up to 1.00c/bu while oilshare trades to 45.98%. Spreads trade from 7 1/2c to 7 3/4c for Dec/March, while Dec 21/22 inverse trades from a low of 19 3/4c to 22 1/2c. Dec /March wheat widens out to 12c from 11 1/2c. Dec wheat/corn trades down to 1.79 1/2c...
PM Post - Outside Money Boost
THE OPEN Nov beans: 2 higher Dec meal: 2.00 higher Dec soyoil: 50 lower Dec corn: 1/2 lower Dec wheat: 1 lower The markets opened as called but corn prices turned higher as new money flows seemed to head into commodities on the back of comments from Goldman Sachs,...
Technical Views - Sideways Range-bound
SPREADS Dec crush trades to 93.70c/bu while oilshare trades to 45.51%. Spreads are firmer with Dec/March corn trading from 7 1/2c to 7 3/4c, while Dec 21/22 inverse trades from 21 3/4c to 20 3/4c. Dec/March wheat carry is slightly wider trading from 11c to 11 1/4c. Dec wheat/c...
AM Outlook - Bearish Tone
GOOD MORNING, Prices opened on a mixed note overnight, higher beans and wheat, lower corn. Weather is wide open for harvest. Soyoil futures opened lower vs. meal, and the EPA did not publish any biofuel mandate guidance as rumored last Friday. Beans continue to have a bi...
PM Post - Risk-off, Profit-taking, Position-leveling
THE OPEN Nov beans: 3 lower Dec meal: .20 lower Dec soyoil: 5 lower Dec corn: 1 lower Dec wheat: 1/2 lower The markets opened lower on a cautious air as headlines from China to the EPA can hit anytime and send prices in the opposite direction. Traders are watching outside mark...
Technical Views - Round We Go
SPREADS Dec crush trades up to 91.20c/bu while oilshare trades higher to 45.55%. Dec/March trades from 7 1/2c to 8c, while Dec 21/22 trades from 24c inverse to 21 3/4. Dec wheat/corn trades from 1.92c to 1.87 3/4c. Dec /March wheat trades from 10 1/2c to 11c. ...
Am Outlook - Notable Stories
GOOD MORNING, Prices were mixed in the evening, higher for beans and soyoil with corn struggling and all turning in the red by the AM hour. Soyoil prices are proceeding with caution as some expect an EPA story about biofuels. The rumors are that the EPA may finally release two years...
PM Post - As Called
THE OPEN Nov beans: 2 higher Dec meal: 1.10 lower Dec soyoil: 40 higher Dec corn: 2 lower Dec wheat: 4 higher The markets opened as called with prices continuing to wobble at first, only to find some tech strength on the back of strong wheat. A sale of corn w...
Technical Views - Corn/Soymeal Lower
SPREADS Dec oilshare trades to 45.20% while crush trades up to 89.85c. Dec/March corn narrows into 7 1/4c from 7 1/2c. Dec 21/22 trades from 24 1/2c inverse down to 22 3/4c. Nov/Jan bean carry trades from 8 3/4c out to 9 1/2c, while the Nov 21/22 trades from 36 1/4c inverse do...
AM Outlooked - Mixed Day
GOOD MORNING, Prices are mixed with wheat and soyoil leading the way in strength. The PM session featured more congestion trade as harvest rolls on and funds continue the process of positioning in front of the September 30 Quarterly Stocks report. Helping to steady the markets were...
AM Outlook - Mixed
GOOD MORNING, Prices started the evening on a tentative note, but beans, wheat, and soyoil prices rallied into the morning hours taking corn along with it. Oilshare has a bit of a comeback with a nice rally back to soyoil. Higher palm, canola, and crude stabilizes the soyoil chart,...
Technical Views - Upside Follow-through
SPREADS Dec crush is 88.65% with oilshare at 44.83%. Spreads are wider with Dec/March corn trading from 7 /34c to 8 1/2c carry, while Dec 21/Dec 22 trades from 23 1/2c to 18 1/4c. Dec/March wheat trades from 10 3/4c to 11c. Dec wheat/corn trades from 1.77 3/4c to 1.76c. ...
PM Post - Loss of Upside Steam
THE OPEN Nov beans: 3 higher Dec meal: 1.30 higher Dec soyoil: 15 higher Dec corn: 1 lower Dec wheat: 4 lower Prices opened as called but oilshare quickly found more selling pressure as traders bot meal/sold soy oil. The markets continued to find...
AM Outlook - Still Awaiting Upside Reversal
GOOD MORNING, Prices overnight continue to trend lower for grains, while attempting to put in some stabilization trade for soyoil and beans. Outside markets are showing a recovery from yesterday's nose-dive, with crude up which is supporting soyoil futures. Beans are also seei...
Technical Views - Soy to Lead
SPREADS Dec crush trades to 89c while oilshare trades to 44.76%. Dec/March corn carry trades from 8c to 8 1/4c, while Dec 21/22 trades from 20c inverse to 19c. Dec /March wheat trades from 10 3/4c to 11c carry. Dec wheat/corn trades 1.76 1/2c. Nov/Jan trades from 9c to 9...
PM Post - Beans Beaten Worst
THE OPEN Nov beans: 17 lower Dec meal: 2.80 lower Dec soyoil: 108 pts lower Dec corn: 11 lower Dec wheat: 10 lower The markets opened into lower prices due to weight from outside markets, which included sharply lower stocks, weaker energies, and a firmer US dollar...
Technical Views - Retrace Lower
SPREADS Dec crush trades to 88c/bu while oilshare trades at 45.0%. Dec/March corn trades out to 8c from 7c, while Dec 21/22 trades from 23 1/2c carry to 20 3/4c. Dec/March wheat carry trades from 10 1/2c to 11c. Dec wheat/corn trades from 1.86 1/4c to 1.83c. Nov/Jan bean...
AM Outlook - Exiting Some Longs
GOOD MORNING, Prices are lower across the board on more fund selling as weather moving forward continues to favor a good pace of harvest. Outside markets are lower, so there seems to be a macro-influence here along with harvest pressure. Crude oil prices are lower as world stock mar...
PM Post - Macro Sell-off
THE OPEN Nov beans: 10 lower Dec meal; 2.30 lower Dec soyoil: 52 lower Dec corn: 2 1/2 lower Dec wheat: 3 3/4 lower The markets opened as called but quickly moved lower as funds turned sellers into an open harvest weekend. Most commodities outside grain...
Technical Views - Lower Range Profit-tacking
SPREADS Dec crush trades to 86c/bu while oilshare trades at 45.44%. Dec/March corn trades from 7 1/2c to 7 3/4c, while Dec 21/Dec 22 trades from 26c inverses to 24 1/4c. Dec/March wheat trades from 10 1/2c carry to 11c. Dec wheat/corn trades from 1.99 1/2c down to 1.84c...
AM Outlook - Moving Lower
GOOD MORNING, The markets were lower overnight as we cap off a week that contained a rally, and will end with good harvest weather across the heart of the Midwest. Soyoil futures encountered its ups and downs, but it was mostly lower yesterday on the back of weaker energies and digestion...
PM Post - Choppy but Constructive
THE OPEN Nov beans: 3 higher Dec meal; 2.70 higher Dec soyoil: 34 lower Dec corn: 1 1/2 higher Dec wheat: 3 1/2 lower The markets opened as expected with more strength in bean and meal prices while soyoil and wheat prices struggled. Price action was choppy as some bulls took p...
AM Outlook - More Upside Follow-through
GOOD MORNING, The surprising strength of the rallies this week caught bears off guard, creating a short-covering rally which found little selling pressure. Corn was the strongest market but makes sense since it was the most beaten-up heading into the Sep. report. Basis remains stron...
Technical Views - Ownership
SPREADS Crush trades down to 91c/bu with oilshare at 45.89%. Spreads were firmer with Dec/March corn narrowing into 7c from 7 1/2c. Dec 21/Dec 22 trades from 26 3/4c to 24 1/4c inverse. Nov/Jan bean spread trades from 8 1/2c to 9c, while Nov 21/Nov 22 trades from 30c inverse t...
PM Post - Weakness Gets Purchased
THE OPEN Nov beans: 6 higher Dec meal: .10 lower Dec soyoil: 50 higher Dec corn: 6 higher Dec wheat: 3 higher Prices opened as called but cancellations of beans surprised the market with an initial sell-off. Corn prices in particular led the way higher, with oilsha...
AM Outlook - Momentum Lower is Stalled
GOOD MORNING, Prices begin the PM session mixed, led higher by corn with wheat lower, but most are higher heading into the close. The soy complex is firmer led by sharply higher soyoil on the back of higher crude and palm oil prices. Oilshare is back in vogue as traders buy soyoil/s...
Technical Views - Upside Follow-through
SPREADS Dec crush trades to 96c/bu while oilshare trades to 45.72%. Corn spreads are firmer across the board. Dec/March corn trades into 7 1/4c from 8c, while Dec 21/22 corn inverse trades from 18c up to 23 1/2. Dec wheat/corn spread trades from 1.72 3/4c up to 1.79 1/2c...
PM Post - Upside Follow-through
THE OPEN Nov beans: 9 higher Dec meal: 1.00 higher Dec soyoil: 70 higher Dec corn: 3 1/2 higher Dec wheat: 10 higher Prices continued to journey higher after the open on upside technical follow-through. The Gulf is once again getting another thras...
Technical Views - Trading in Ranges
SPREADS December crush pops up to 91c/bu while oilshare trades to 45.10%. Spreads firm with Dec/March corn narrowing into 8 1/2c from 9c carry. Dec wheat/corn trades from 1.74 1/c to 1.81 1/4c. Nov 21/Nov 22 inverse trades from 27c back to 31 3/4c. Nov/Jan bean spr...
AM Outlook - Waiting on Exports
GOOD MORNING, Prices are higher on the early night session as charts build on gains and on chatter that China has been actively purchasing US beans. The reversal trade on Friday for corn and beans showed promise, but would still call the bean rally a "relief" rally from the lows, while co...
PM Post - Continued Weakness
THE OPEN Nov beans: 3 lower Dec meal: 2.00 lower Dec soyoil: 3 higher Dec corn: 8 lower Dec wheat: 5 1/2 lower The markets opened as called but quickly found new selling interest as another open week of harvest approaches. Bids at the Gulf are firmer, w...
AM Outlook - Seesaw Continues
GOOD MORNING, The markets opened on a steady note, but the weight of harvest upon the markets sent prices into the red even though they remain off their Friday lows for now. The report was neutral to bearish, but the hurricane had factored in much negativity before the data leaving room f...
Technical Views - Spreads and Oilshare
SPREADS Dec crush trades down to new lows at 84.14c/bu, while oilshare trades to 45.10%. Dec/March corn trades into 8 3/4c from 9 1/4c. DecMarch wheat trades from 10 1/4c to 11c. Dec wheat/corn trades from 1.73c down to 1.69 3/4c. Nov 21/Nov 22 trads from 26c inverse to...
AM Outlook - Soft Ahead of Report
GOOD MORNING, Prices overnight generally were steady after a week of pressure. It is report day and the market has priced in a lot of bearish news, putting the onus on the bears to find something to take us much lower. If we go there, think there will be a lot of anxious end-users w...
Technical Views - Holding Pattern
SPREADS Dec. crush trades down to 90c/bu while oilshare trades to 45.43%. Dec/March corn spread narrows into 8c from 9 1/4c. Dec/March wheat trades from 9 1/2c to 11c carry. Dec wheat/corn trades from 1.82 1/2c to 1.79c. The Nov/Jan bean spread trades from 7...
PM Post - Low on Gusto
THE OPEN Nov beans: 8 lower Dec meal: 1.00 lower Dec soyoil: 50 lower Dec corn: 3 lower Dec wheat: 12 lower The market opened weaker and printed new lows before finding some pricing, bargain hunting into the report, and more short-covering. Corn prices reversed hig...
AM Outlook - Soft Bottom
GOOD MORNING, Soft markets were seen overnight as harvest looms large with clear weather over the next 10 days. The market continues to monitor progress in the Gulf. Traders are watching to see what the USDA has to say on Friday at 11:00 central time. Trends have been lower -...
Technical Views - Deeper Dive
SPREADS Dec. crush falls to 97c/bu while oilshare sits at a steady 45.84%. Dec/March corn trades from 9 1/2c to 9 3/4c carry. Dec/March wheat trades from 10 3/4c to 11 1/2c. Dec wheat/corn trades from 1.99 1/4c down to 1.91c. Nov/Jan bean trades from 9c to 9...
PM Post - Liquidation then Consolidation
THE OPEN Nov beans: 2 higher Dec meal: .90 lower Dec soyoil: 50 higher Dec corn: 1 higher Dec wheat: 2 lower The markets opened as expected but it was downhill again from there as the soy complex turned red and corn made new lows. Funds continue to liqu...
AM Outlook - Harvest Pressure versus WASDE Caution
GOOD MORNING, Prices continue to find pressure as harvest looms but considering there is an impending September WASDE, there is also some pricing and short-covering. Soyoil futures follow a higher palm oil direction, helping to support bean and oilshare. Corn has put in a bit of sta...
Technical Views - Balanced Approach
SPREADS Dec. crush trades to 1.00c/bu while oilshare trades to 46.42%. Dec/March corn trades from 9 1/2c to 9 3/4c, while Sep/Dec recovers from a trade that had been out to 16c, (trading 13 3/4c to 15c today). Dec/March wheat trades out to 11 1/2c carry from 10 1/2c. Dec...
PM Post - Funds Abandon Ship
THE OPEN November beans: 1 higher December meal: .20 higher December soyoil: 15 higher December corn: 1 lower December wheat: steady Prices opened as expected with corn weaker vs. soy. Traders continue to monitor progress for the Gulf, as exports attemp...
Technical Views - Adjusting Ahead of the WASDE
SPREADS Board crush trends weaker while oilshare values are mostly steady. Dec crush is trading at 1.03c/bu while oilshare trades at 46.20%. Sep/Dec corn fell to new lows at a 16c carry with cash markets under pressure as many buyers attempt to transition to "new crop" bids. D...
AM Outlook - Firmer on Demand and Short-covering
GOOD MORNING, The USDA report is around the corner on Friday, Sep 10. The markets are firmer overnight on a combination of short-covering, pricing, and bargain hunting in front of the USDA, though corn prices seem to be struggling. Cash markets are attempting to adjust to the...
PM Post - More Selling
THE OPEN Nov beans: 7 lower Dec meal: 1.00 lower Dec soyoil: 60 lower Dec corn: 6 lower Dec wheat: 2 1/2 lower The markets opened lower and found more liquidation on the same news as yesterday; export delays, rainfall, and weaker technical price action. Weaker oils...
AM Outlook - Slow Slide
GOOD MORNING, Prices in the night session started off the evening on a mixed note, mostly defensive, but losses accelerated in the last hour of trade. Palm oil prices were lower overnight, pricing in weaker Malaysia export data for August which weighed on soyoil futures once again. ...
Technical Views - Hunting New Lows
SPREADS Dec. crush trades to 1.14c/bu while oilshare trades to 45.90%. Sep/Nov congests from 6 1/2c inverse to 7c. NOv/March beans trade out to 12c to 12 3/4c. Dec /March meal trades to $3.80 carry. Sep/Dec corn trades from 1c to 3c carry. Dec/March corn carry trad...
PM Post - Technically Broke
THE OPEN Nov beans: 6 lower Dec meal: .40 higher Dec soyoil: 90 lower Dec corn: 6 lower Dec wheat: 5 lower The markets opened as called but selling emerged quickly taking prices into sell-stops. Oilshare once again found selling pressure, with soyoil fu...
AM Outlook - Competitive Standstill
GOOD MORNING, Prices were weaker yesterday and are mixed this AM, with soyoil sporting the largest losses. Oilshare is lower again as traders buy meal/sell soyoil. Liquidating Sep. positions and load disruptions due to Hurricane Ida in the Gulf impacted prices negatively...
Technical Views - Sideways Chop
SPREADS December crush traded to 1.14c/bu while oilshare trades to 45.85%. Spreads were slightly firmer with Dec/March corn trading from 8c to 8 1/4c carry, while Sep/Dec trades from 1 3/4c from 4 3/4c. Sep/Dec wheat trades out to 17 1/4c carry from 14 1/2c. Dec wh...
PM Post - Harvest Pressure; Waiting for Exports
THE OPEN Nov beans: 1 higher Dec meal: .80 higher Dec soyoil: 20 lower Dec corn: 2 lower Dec wheat: 8 higher The market started the session as called, though trade turned choppy after the open. Oilshare was able to momentarily recover. Focus of trade is on Hurrican...
AM Outlook - Bull-Bear Mixup
GOOD MORNING, Prices are mixed overnight with the key feature that of profit-taking in oilshare, with weaker soyoil futures weighing on beans. Weather remains a mostly bearish component now, though soaking rains from Hurricane Ida in the Gulf are unwelcome. Wheat is higher aga...
Technical Views - Mixed
SPREADS December crush trades to 1.13cbu while oilshare trades to 45.27%. The Sep/Nov bean spread has moved from a 37c inverse down to 14c as we approach first notice day Tuesday. Nov/March bean spread trades from 5 1/2c to 6 1/4c. Dec/March meal trades from $0.60 to $2...
No Technical Perspectives
We regret that due to an unexpected death in the family, there will not be any Technical Perspectives reports for the remainder of this week. Thank you for your patience and understanding. ...
Technical Views - Some Stability
SPREADS Dec crush trades firm at 1.12c/bu with oilshare at 45.58%. Bean spreads continue to weaken, with Nov 21/Nov 22 trading at an 8 1/2 month low from 68 1/4c inverse to 53 1/2c. Sep/Nov bean inverse trades from 2c to 1 1/2c. Nov/March bean spread trades out to 9 1/4c from...
AM Outlook - Supportive
GOOD MORNING, Prices opened higher across the board on crop progress numbers. Markets may be oversold and due for a bounce. Ratings were a bit of a surprise, under trade expectations and friendly for the market. This report runs contrary to bearish comments from the Pro...
PM Post - Will New Lows Hold?
THE OPEN Nov beans: 8 higher Dec meal: steady Dec soyoil: 70 pts higher Dec corn: 1 higher Dec wheat: 4 higher The markets opened as expected with the major feature being that of spread activity. Traders bought oilshare, (bot soyoil/sold meal), as it was perc...
AM Outlook - Correcting on Oversold
GOOD MORNING, Prices were higher overnight after dropping to new trading range lows for soyoil due to an unexpected wire service report that the EPA would recommend that biofuel mandates should be below 2020 due to less miles traveled. The agency subsequently announced that they could rai...
Technical Views - Higher on Turnaround
SPREADS Dec crush trades at 1.09c while oilshare trades to new lows at 44.72%. Sep/Dec corn firms to 2 from 1 1/4c. Dec/March corn carry trades from 7 1/2c to 7 3/4c. Sep/Dec wheat trades into 13 3/4c from 14c. Dec wheat/corn trades from 1.91 3/4c to 1.99c.&n...
Technical Views - Weaker Techs
SPREADS Dec crush trades to 1.14c with oilshare firmer at 46.23%. The Sep/Dec corn spread found some firming and buying interest at the 5c carry level, trading into even. Not hard to imagine that with Brazil out of the export picture that this spread may be firmer in the future.&nbs...
AM Outlook - Large Sideways Chop
GOOD MORNING, Prices worked both sides of unchanged in consolidation mode in the PM session. This week's lower performance was courtesy of weaker outside markets, a higher US dollar, and upcoming rainfall events for the western Corn Belt. As a result of a weaker technical pict...
PM Post - Bears Own the Day
THE OPEN Nov beans: 18 lower Dec meal: 4.00 lower Dec soyoil: 96 pts lower Dec corn: 9 lower Dec wheat: 12 lower The markets opened as expected but weaker outside markets, bearish Pro Farmer Crop tour comments, and rains forecasted for the weekend took a toll on th...
Technical Views - Everything Lower
SPREADS Dec crush trades 1.12c/bu while oilshare trades 45.90%. Sep/Dec corn narrows into 2 1/4c from 3c after trading as wide as 5c or more, and from an inverse. Dec/March corn narrows into 7 - 7 1/2c. Sep/Nov bean inverse is firmer trading from 5c to 6 3/4c. Sep/...
AM Outlook - Bearish Rain
GOOD MORNING, Prices started the session lower as the rainfall prospects across the Plains forecast for this weekend trumped the 10th day of active bean business announcements. Farmers need to see one or two more good rains to finish off crops and are monitoring this system closely. ...
PM Post - Support from Wheat
THE OPEN Nov beans: 3 lower Dec meal: 2.50 lower Dec soyoil: 45 lower Dec corn: 1 higher Dec wheat: 1 higher The market opened as expected but soy complex prices eventually trended lower. Grains were firmer as wheat futures continue to remain firm. Corn was a follower wh...
AM Outlook - Downside Follow-through
GOOD MORNING, Prices opened slightly lower in the overnight session on technical follow-through selling from Tuesday's general down-day of trade. In the AM, the soy complex is trending lower vs. firmer grains. A bearish NOPA report this week for soyoil (higher ending stocks)...
Technical Views - Grains over Oilseeds
SPREADS October crush trades to 1.02c with oilshare steady at 46.30%. Sep/Dec corn widens out to 5 1/4c from 4 3/4c as traders continue to liquidate or roll Sep. Dec/March corn trades from 7 1/4c carry to 7 3/4c. Sep/Dec wheat trades out to 13 1/2c / 14 1/4c carry. The D...
PM Post - Profit-taking; Wheat Correction
THE OPEN Nov beans: 2 higher Dec meal: 2.50 higher Dec soyoil: 60 lower Dec corn: 1/2 lower Dec wheat: 10 lower The markets opened as expected with profit-taking in wheat and wheat/corn spreads. Oilshare continued to leak lower as charts leaned friendly for m...
AM Outlook - Crop Ratings/Demand Drive Market
GOOD MORNING, A surprising crop ratings report and more chatter about bean demand presented a higher open, and funds were buyers in the overnight session. Grains followed, with meal gaining slightly on soyoil. Trends of note include buy beans/sell corn and buy wheat/sell corn. ...
Technical Views - Beans/Meal Move Higher
SPREADS Sep. crush continues to slide down to 1.03c/bu with oilshare at 46.70%. Spread trade of note is the Dec wheat/corn, which trades over recent highs of 1.89c to new highs of 2.06 1/4c. Sep/Dec corn trades to 5 3/4c carry from an inverse, while Dec/March is in the same ra...
PM Post - No New Tops; Wider Ranges
THE OPEN Nov. beans: 8 higher Dec meal: steady Dec soyoil: 4 higher Dec corn: 2 1/2 higher Dec wheat: 4 higher Prices opened as expected with a bit of profit-taking to start the day. Traders digested the report which leaves them still waiting to hear more chatter...
AM Outlook - Shifting Longer
GOOD MORNING, Overnight prices were mostly in the green with wheat leading the way higher as the market continues to digest the USDA numbers from last Thursday's report. The bullish numbers sent prices to the upside of recent ranges as the yields were less than expected, particularly for...
Technical Views - Adding Longs
SPREAD Sep. crush trades to 1.13c with oilshare prices trading up to 47.03%. Sep/Dec corn goes from an inverse trade to 4 3/4c carry from 3 3/4c. Dec/March trades into 6 1/4c carry from 6 1/2c. Sep/Dec wheat trades out to 14 3/4c carry from 12 1/4c. Dec wheat/corn trades...
No Technical Perspectives on August 13, 2021
Note that WPI will not be publishing Technical Perspectives reports on Friday, August 13, 2021. However, all other articles covering markets and policy will be available today including the technical trading information normally available in Market Commentary. ...
Technical Views - Uncertainty
SPREAD Sep. crush trades to 1.19c/bu while oilshare is firm at 46.87%. Sep/Nov bean inverse trades from 7 3/4c to 6 1/4c. Nov/March beans trade from 1c to 1 1/2c carry. Sep/Dec meal trades from $2.20 to $2.70 carry. Sep/Dec corn trades from 2 3/4c to 3 1/4c carry.&...
AM Outlook - Looking for Direction from the Report
GOOD MORNING, The markets all started the evening trade with losses, but slowly came back in the grains to trade higher. The major function of the market into the morning is that of continued position-evening into the USDA report. Wheat remains supported as private estimates for Rus...
PM Post - Watching Export and Yield Changes Tomorrow
Technical Views - Mostly Sideways Ranges
SPREADS Sep. crush is 1.12c while oilshare trades at 46.90%. The September roll continues, and is still a bulk of trading volume. Sep/Dec corn widens out to 3c to 4c carry, while Dec/March carry trades from 7 1/4c to 7 3/4c carry. Sep/Dec wheat trades out to 13c from 12...
AM Outlook - Just Following Fundamentals
GOOD MORNING, Prices are mixed, with the major feature that of higher soyoil which in turn is supporting the bean market. Corn follows stronger beans. The soyoil futures market is piggy-backing off of sharply higher palm oil prices. Beans are gaining upside traction from chart...
PM Post - Firm Ahead of Thursday
THE OPEN November beans: 9 higher December meal: 4.20 higher December soyoil: 30 higher December corn: 2 lower December wheat: 4 higher The markets opened as called with oilshare values heading higher, recouping losses, and beans/wheat firm vs. corn. SO...
Technical Views - Still Rangebound
SPREADS Sep. crush was 1.14c/bu while oilshare traded 45.76%. August / Nov bean inverse jumps to 1.17c from 1.13c, while Sep/Nov inverse firms to 1.12 1/4c from 11c. Sep/Dec meal trades from $1.60 to $2.20 carry. Sep/Dec corn trades out to a 3 1/4c carry from what was an inver...
AM Outlook - Bearish Pressures
GOOD MORNING, Prices are mixed overnight with corn prices lower on better-than-expected ratings, and a poor inspections report yesterday that suggests exports may not achieve USDA projections. Beans are firmer on a steady rating, but drier conditions moving into the following week. ...
PM Post - Inspections Mixed; Crop Progress Lower
THE OPEN Nov. beans: 1 higher Dec. meal: 2.80 higher Dec. soyoil: 40 lower Dec. corn: 4 1/4 lower Dec wheat: 3 1/2 lower The markets opened into more strength for beans and meal as another announcement was net positive, supporting ideas that demand from China...
Technical Views - Mostly Lower
SPREADS Sep. crush trades down to 1.15c/bu while oilshare trades lower to 45.92%. Sep/Dec corn trades from 1 1/2c to 2c carry, while Dec/March trades out to 8 1/4c from 7 3/4c. Sep/Dec wheat trades from 13 3/4c to 14 1/4c carry. Dec wheat/corn trades down to 1.69 1/4c from 1.7...
AM Outlook - A Tale of Two Weather Patterns
GOOD MORNING, Prices are mixed with rains in the eastern Corn Belt weighing on prices, and lower crude oil creating a buy meal/sell soyoil trade. Soyoil trades sharply lower on weaker palm and crude which impacts beans. Corn spreads are weaker while nearby bean spreads reach n...
PM Post - Ranges Reflect Yield Debate
THE OPEN November beans: 7 1/2 higher December meal: 1.40 higher December soyoil: 70 higher December corn: 2 higher December wheat: 9 3/4 higher The markets opened as called with prices trading both sides of even for meal and corn. However, wheat prices remained firm, wh...
AM Outlook - Pushing Higher
GOOD MORNING, Prices were mixed to begin the PM session but turned higher by the morning. The markets continue to digest all the yield guesses while continuing to look for signs of export activity. China has been around the corn and bean markets with a bean business announcement yes...
Technical Views - Upside of Sideways
SPREADS Sep. crush trades to 1.24c/bu while oilshare trades to 46.48%. Sep/Dec corn spread finds little direction, trading from 2 1/2c to 1c inverse, while Dec/March narrows into 7 3/4c from 8c. Sep/Dec wheat widens out to 13 1/4c from 12 1/2c. Dec wheat/corn trad...
PM Post - Lower Forecast Numbers
THE OPEN November beans: 2 lower December meal: 2.50 higher December soyoil: 32 lower December corn: 5 1/2 higher December wheat: 7 higher The soy complex opened as expected with prices trending firmer at the start of the session. Spreads were firmer as well...
Technical Views - A Few Tests
SPREADS Sep. crush trades to 1.26c/bu while oilshare trades down to 46.76%. Sep/Dec corn trades either side of even, 3/4c inverse to 1/2c carry, while Dec/March corn trades from 7 3/4c to 8 1/4c. Sep/Dec meal trades into 1.60c from $2.40c. Sep/Dec wheat trades from 11 1/4c to...
AM Outlook - Split Decision
GOOD MORNING, Prices are trending lower for oilshare overnight as energies trade off, along with lower canola. Grains are firmer while the soy complex remains fairly close to settlement prices. Rumors continue to circulate that China has been around the US bean market for poss...
PM Post - Awaiting New Signals
THE OPEN November beans: 4 3/4 higher December meal: .10 higher December soyoil: 68 higher December corn: 2 1/4 higher December wheat: 10 higher The market opened as expected but profit-taking in grains sent futures into two-sided trade, while oilshare saw profit-t...
AM Outlook - Chop, Chop, Chop
GOOD MORNING, Prices started the session mainly mixed but turning two-sided during the overnight hours. Funds were net sellers yesterday as prices chop back and forth. The funds are now estimated to have increased their wheat length to around 10K, while long 235K corn. Funds a...
Technical Views - Wheat Has Strength
SPREADS Sep. crush trades to 1.27c/bu while oilshare trades to 47.56%. Sep/Dec corn inverse trades at a small carry from 3/4c to 1 3/4c, while Dec/March trades from 8 1/4c to 8 1/2c. Sep/Dec wheat trends out to 10 3/4c from 10 1/4c. August /Nov bean inverse firms to 76c...
PM Post - Selling Pressure into Range Lows
THE OPEN November beans: 24 lower December meal: 4.20 lower December soyoil: 110 pts lower December corn: 3 1/2 lower December wheat: 6 3/4 lower The markets opened lower but better bean ratings vs. a small decline in corn took front and center stage. The Census cr...
Technical Views - Defensive Day
SPREADS Sep. crush trades 1.30c/bu while oilshare trades to 47.0%. Sep/Dec corn trades out to 1 1/2c carry from 1/2c, while Dec/March trades out to 8c carry from 7 3/4c. Sep/Dec wheat trades back out to 10c from 9 1/2c. Aug/Nov beans trades from 66c to 70c, while Sep/Nov inver...
AM Outlook - Dropping on Better Conditions
GOOD MORNING, Prices are lower across the board on slightly better than expected crop ratings for beans. Corn crop ratings were actually 2% lower, but did not avoid a pressurized sell-off courtesy of the soy complex. Bull spreads continue to weaken on quiet nearby demand for b...
PM Post - More Upside
THE OPEN November beans: 4 lower December meal: 1.80 higher December soyoil: 60 lower December corn: 3 1/2 higher December wheat: 17 higher Higher wheat prices guided the market to a firmer-than-expected open. Inspections for corn found a good chunk to China,...
Technical Views - Getting In, Getting Out
SPREADS Sep. crush trades to 1.25c/bu while oilshare trades to 47.40%. Corn spreads are weaker with Sep/Dec now trading into new lows at 3/4c carry from 2c inverse. Dec/March corn weakens to 8c from 7 1/2c. Sep/Dec wheat trades out to 9 1/2c from 9c. Dec wheat/corn...
AM Outlook - Will Wheat Pull the Market Higher?
GOOD MORNING, Prices are mixed with soyoil seeing pressure due to profit-taking in oilshare, while wheat futures remain firm. Soyoil futures follow sharp losses in palm oil prices, as some firms estimate palm exports to be down 6% for the month of June. A warm and dry we...
PM Post - Rain Shakeup
THE OPEN November beans: 15 lower December meal: 2.10 lower December soyoil: 71 lower December corn: 5 3/4 lower December wheat: 5 1/2 lower The markets opened as called but a wetter -than-expected weather pattern in the Dakotas and end-of-week and month profit-taking se...
Technical Views - Cycling Lower
SPREADS Sep. crush trades to 1.28c/bu while oilshare trades down to 47.87%. Sep/Dec corn trades from 3c to 1 1/2c inverse, while Dec/March trades from 7 1/2c to 7 3/4c. Sep/Dec corn volumes dominated trade, with yesterday's open interest down by 8,650 contracts, and December up by 8,449 c...
AM Outlook - More Sideways Chop
GOOD MORNING, Prices are lower on first notice day for August futures. Wetter weather and end-of-week profit-taking dominates price action. Oilshare sees profit-taking, while other spread trade strengthens. Grains: Corn prices rally but lack conviction, with ideas...
PM Post - Building Gains within Trading Ranges
THE OPEN November beans: 12 higher December meal: 3.00 higher December soyoil: 62 higher December corn: 3 higher December wheat: 10 higher The markets opened as expected building on gains as overnight price action and technical upside momentum suggested they would...
Technical Views - Upward Momentum
SPREADS Sep. crush trades to 1.27c/bu while oilshare trades to 47.79%. August /Nov bean inverse rallies to 71c before giving up some of its gains. Rumors of export business continue, and is playing out in the spread strength? Sep/Nov inverse is trading from 9 1/2c to 8 1...
AM Outlook - Higher Wheat and Oilshare
GOOD MORNING, Prices are higher as more reports of a devastated wheat crop in North Dakota roll in. Extreme heat in the Northern Plains and in the Midwest will cause serious damage to crops already stressed. The tour estimated yields at a woefully low 24.6 bps on the second day of t...
PM Post - Bearish Mood Despite the Rally
THE OPEN November beans: 7 higher December meal: .40 higher December soyoil: 58 higher December corn: 3 higher December wheat: 14 higher The markets opened as expected with key features being that of higher follow-through in wheat, as the tour continues through Nor...
Technical News - A Bounce
SPREADS Sep. crush trades to 1.24c/bu while oilshare trades to 47.45%. Sep/Dec corn inverse weakens to 1 3/4c from 2 3/4c, while the Dec/March corn carry trades from 7 1/2c to 7 3/4c. Traders are watching Sep/Dec for signs of export activity. Sep/Dec wheat widens o...
AM Outlook - Purchase Rumors and Weather
GOOD MORNING, Prices are firmer as more rumors of possible Chinese business and hot and dry temperatures for this week underpin futures. Wheat leads the board in strength at all three exchanges on the back of comments from the wheat tour in North Dakota. Wheat: Funds were net...
PM Post - Funds Sell Rallies
THE OPEN November beans: 18 higher December meal: 6.60 higher December soyoil: 50 pts higher December corn: 9 1/4 higher December wheat: 7 1/2 higher The markets opened as called with fund buying activity note as well as profit-taking in oilshare. Buy meal/se...
AM Outlook - Technical Reversal; Poorer Crop Ratings
GOOD MORNING, Overnight prices were firmer on the technical reversal from yesterday and lower than expected crop progress ratings. Chartists and technicians see the reversal in bean trade as constructive, and Monday night featured follow-through. Beans gained on corn, meal gained on...
Technical Views - Higher in Ranges
SPREADS October crush trades to 1.15c/bu while oilshare trades to 47.58%. Sep/Dec corn inverse continues to weaken, trading down to 2 1/2c from 3 1/4c, while Dec/March carry trades from 7 1/2c to 7 3/4c. Sep/Dec wheat trades into new lows at 10c carry from 9 1/2c. Dec wh...
PM Post - Soyoil the Only Constant
THE OPEN November beans: 11 lower December meal: 3.50 lower December soyoil: 15 higher December corn: 4 1/2 lower December wheat: 11 lower The markets opened as called with soyoil prices and oilshare heading higher after the open, bringing more stability to beans. ...
AM Outlook - Declining Demand and OI
GOOD MORNING, Prices started the night with more losses as we head into the last week of July. The lack of demand and overall reductions in fund length continues to send prices into large sideways trading ranges. Open interest numbers continue to decline week on week for beans, corn...
Technical Views - Headed Lower
SPREADS Crush is higher today with November trading to 1.24c/bu and oilshare at 47.63%. Sep/Dec corn inverse trades from 3 3/4c to 5 1/4c, while Dec/March trading from 7 3/4c out to 8c carry. Sep/Dec wheat trades into new lows from 9 1/4c to 9 3/4c. August/No...
PM Post - Bailing Out for the Weekend
THE OPEN November beans: 5 lower December meal: 3.80 lower December soyoil: 90 higher December corn: 1 1/4 lower December wheat: 3 3/4 higher The markets opened as expected with more profit-taking as funds remain long and the weaker technical picture, lower demand...
Technical Views - Still Sideways
SPREADS We continue to see positive crush margins in the US, with August at 99c/bu and Sep. at 1.31c/bu. August oilshare trades to 47.70% and Sep. is at 47.25%. Sep/Dec meal trades from $3.40 carry out to $3.90. August/Nov bean inverse trades from a low of 49 1/4c up to 54 1/4...
AM Outlook - Unwinding
GOOD MORNING, Prices are mixed this morning with higher oilshare and soyoil and firm wheat, vs. weaker beans, meal, and corn. Traders were busy unwinding previous oilshare values this week on the back of the Administration's delay to defining biofuel mandates, but that correction se...
PM Post - Weather or Not
THE OPEN November beans: 25 lower December meal: 5.60 lower December soyoil: 130 pts lower December corn: 13 lower December wheat: 14 lower Prices opened lower as values overall remain in large sideways patterns. End-users sought coverage as weather still remains questio...
Technical Views - Sideways and Lower
SPREADS August crush trades to 95c/bu while oilshare trades to 46.76%. Sep/Dec corn trades up to 4 1/2c from 3 1/2c while Dec/March carry trades from 7c out to 7 1/2c. Sep/Dec wheat trades from 8 1/2c out to 9c. Dec wheat/corn trades from 1.52 1/2c down to 1.44 1/2c.&nbs...
AM Outlook - Weathered Downward
GOOD MORNING, Prices took a turn lower as selling surfaced in Minneapolis wheat as rains crossed areas of Canada and the Great Lakes region. Minneapolis Sep. wheat travels 60c off the highs on Monday. Canola futures are lower as well, taking soyoil prices down with it. P...
PM Post - Trading Ranges Affirmed
THE OPEN November beans: 2 higher December meal: 3.70 higher December soyoil: 70 lower December corn: 5 higher December wheat: 5 1/2 higher The markets opened as called but continued the same overnight action with soyoil futures breaking more which took beans lower...
Technical Views - Finding Values
SPREADS August crush trades to 99c/bu while oilshare trades to 47.27%. Sep crush is 1.28c/bu with oil share at 46.77%. Sep/Dec corn inverse trades in the red from 5 1/4c to 6 1/4c, while Dec/March is firmer from 7c to 7 1/4c carry. Sep/Dec meal trades from $3.70 out to $...
AM Outlook - Grains Firmer; Soyoil Weaker
GOOD MORNING, Prices are mixed, with soyoil lower and more buy meal/sell soyoil spread trade. After the close yesterday, the EPA announced they would delay the release of biofuel mandate targets. The White House has delayed an annual process meant to decide how much ethanol and othe...
PM Post - Rebound but Directional Strength is Weak
THE OPEN November beans: 18 higher December meal: 4.50 higher December soyoil: 67 higher December corn: 13 1/4 higher December wheat: 18 3/4 higher The markets opened higher and continued to keep nightly gains into midday with corn prices extending towards gap-fill...
Am Outlook - Rebound
GOOD MORNING, Commodities and equities saw a nice rebound to start the night. All posted gains at the start of the trading session, including soyoil. Gains in soyoil outpaced meal, as has been the case backing oilshare, while wheat prices traded higher as well maintaining recent gai...
Technical Views - Retracement and Filling Gaps
SPREADS August crush trades to 97.28c/bu while oilshare trades to 47.87%. Sep oilshare trades to 47.27%. Sep/Dec corn spread is firmer with an inverse from 3 1/2c to 4 3/4c, while Dec/March carry narrows into 7c from 7 1/4c. August /Nov bean inverse finds lower values at 52c f...
PM Post - Turning Lower
THE OPEN November beans: 3 higher December meal: 3.90 higher December soyoil: 52 lower December corn: 6 higher December wheat: 10 1/2 higher The markets opened as called but prices turned lower for beans which followed a sharply lower soyoil market. Macros we...
Technical Views - New Lines of Support
SPREADS Sep crush trades to 1.24c/bu while oilshare trades to 47.70%. August oilshare trades to new highs at 48.32%. Sep/Dec corn inverse leaks down to 2 1/4c before finding some stability to trade to 5c. Sep/Dec corn inverse has been losing ground on concerns over lower US ex...
AM Outlook - Weather Reversal
GOOD MORNING, If the rains washed away gains over the last several weeks, a bit of hot and dry is now turning prices higher. In the meantime, the Commitment-of-Traders report showed that long positions were not only lightened up, but that funds were also net short wheat. Wheat...
PM Post - Wide Ranges, Watch Buying
THE OPEN November beans: 15 higher December meal: 4.40 higher December soyoil: 71 higher December corn: 6 higher December wheat: 15 higher The markets were called higher and posted further gains after the open on technical considerations and calls for warmer and drier we...
Technical Views - Eyes on Weather
SPREADS August crush trades to 90c/bu while oilshare trades to 47.63%. Corn inverses are slightly weaker as new buying comes into December. Sep/Dec inverse trades down to 5 1/2c from 8 1/4c, while Dec/March corn trades from 7 1/2c to 8c carry. August / Nov bean weakens to 61 3...
AM Outlook - Upside Follow Through
GOOD MORNING, Prices continue to firm in the overnight session with wheat gaining on corn, and meal on soyoil, for a change. Weekly export sales were not much to get excited about, though wheat sales were the more impressive item. New sales for corn remain about 3 times ahead...
PM Post - Thin and Choppy
THE OPEN Nov beans: 2 higher Dec meal: 2.90 lower Dec soyoil: 70 higher Dec corn: 1/2 lower Dec wheat: 5 higher The markets opened as called but trade was thin and choppy with beans following meal prices lower and wheat seeing further gains. Buy wheat/s...
AM Outlook - Congestion and Mixed Weather
GOOD MORNING, Prices continue in congestion trade with rains this week bearish but hot and dry forecasts next week keeping markets well supported. Higher oilshare and firmer spreads are key features of trade this morning. Markets are backing into ranges from yesterday, with the exce...
Technical Views - Staying in Bandwidth
SPREADS August crush trades to 88c/bu while oilshare prices are 47.83%. August /Nov bean inverse remains supported trading from 70c to 76 3/4c, while Sep/Nov trades from 11 1/2c inverse to 13 3/4c. Sep/Dec corn inverse continues to congest from 9 1/2c to 10 1/4c, while Dec/March tra...
PM Post - Seeking Value Levels
THE OPEN November beans: 15 higher December meal: 2.90 higher December soyoil: 49 higher December corn: 6 1/2 higher December wheat: 15 higher Prices opened into strength as firm overnights and a good close prompted follow-through buying activity. Oilsh...
Technical Views - Up
SPREADS August crush trades up to 86c/bu while oilshare trades to 47.74%. August /Nov bean inverse strengthens to 68 3/4c from 61 1/2c while Sep/Nov trades from 9 3/4c from 8c. Sep/Dec corn inverse is mixed trading down to 9c from 10 1/4c, while Dec/March carry trades from 7 3/4c to...
AM Outlook - Higher into the Open
GOOD MORNING, Prices are higher heading into the open. July futures expire today as noontime, and July corn placed a new contract high for the week at $7.50 1/2. Oilshare continues firm and wheat is trying to find its footing. Buyers were not enticed by wheat's price action so...
PM Post - Technical Recovery
THE OPEN November beans: 6 higher December meal: 4.50 lower December soyoil: 155 pts higher December corn: 1/2 lower December wheat: 6 lower Markets opened as called with prices continuing to recover on the back of mostly technical considerations. Open gaps a...
Technical Views - Mostly Firmer
SPREADS August crush trades to 90.51c/bu while oilshare trades to 48.29%. August / Nov bean inverse trades from 54 1/2c to 52 1/4c, while Sep/Nov trades from 8c down to 6 1/2c. Sep/Dec meal carry trades from $3.50 out to $4.90. Sep/Dec wheat trades from 6c to 7 1/2c carry.&nbs...
AM Outlook - Report Has Come and Gone
GOOD MORNING, The report has come and gone, and in its wake set the trend for higher oilshare and higher beans vs corn. The bullish wheat report set the stage for a short-covering rally, and perhaps new bulls in the mix. Bull-spreads were evident as prices rallied after the release...
PM Post - Lows Printed, Back to Weather
THE OPEN Nov beans: 3 1/2 higher Dec meal: 1.40 lower December soyoil: 60 pts higher December corn: 2 3/4 higher December wheat: 1 lower The markets opened as called but prices quickly drove higher as the beginning of the week brings with it warmer and drier temper...
Technical Views - Slow at Open
SPREADS September crush trades to 1.22c/bu while oilshare trades to 46.74%. August / Nov bean inverse trade from 48c to 54 1/2c while Sep/Nov trades from 8 1/2c up to 11c. Sep/Dec corn trades from 13c to 12c inverse, while Dec/March corn trades from 7 1/2c to 8c carry. Dec whe...
AM Outlook - Light Position Evening
GOOD MORNING, It is report day and traders do not expect to see many changes in the numbers, particularly where yields are concerned. The report will factor in the slightly higher acreage data from June 30, and will be released at 11:00 central time. Look for light position-evening...
PM Post - Mid-day Trend into the Close
THE OPEN November beans: 3 1/2 lower December meal: 1.70 lower December soyoil: 16 higher December corn: 7 lower December wheat: 3 1/4 lower The markets opened as expected with a bit more technical selling on hand in the grains and meal. Higher soyoil prices stabil...
AM Outlook - Looking for Price Direction
GOOD MORNING, The markets seem to have run out of price direction except for the continuation of small fund liquidation into end-user pricing interest. Pricing orders help to stabilize prices as technicals turn weaker, but the session culminated with a sell-off towards key support levels...
Technical Views - Weaker Signals
SPREADS August crush trades to 84.39c/bu while oilshare remains steady at 46.0%. Sep/Dec corn inverse strengthens to 15 1/4c from 13 1/4c. Sep/Dec wheat trades to a 9c carry from 8 1/2c, but could widen out further with downside targets towards 10c-12c. Dec wheat/corn tr...
PM Post - CBOT Sideways in Congestion Mode
THE OPEN: Nov beans: 10 lower Dec meal: 2.00 lower Dec soyoil: 65 lower Dec corn: 4 lower Dec wheat: 3 lower The markets opened as called with prices continuing to congest in front of the July WASDE. Funds have been selling off more length awaiting the next fundamental input. Argentina's grai...
AM Outlook - Grinding Sideways
GOOD MORNING, Prices continue grinding sideways into next Monday's July WASDE report. Traders continue to liquidate length and oilshare. Beans were higher at the start of the week on rumors of Chinese inquiries, though prices have weakened lately on the back of lower recent demand f...
Technical Views - Downward Slope
SPREADS August crush trades to 91.90c/bu while oilshare trades 45.61%. August /Nov bean inverse trades to 43 1/2c down to 39 1/4c., while Sep/Nov trades from 7 1/2c down to 5 1/2c. Sep/Dec meal carry trades from $3.60 out to $4.50. July/Dec corn trades at 1.21 1/2c, with...
PM Post - Good Beans, Bad Grains
THE OPEN November beans: 15 higher December meal: 4.40 higher December soyoil: 10 higher December corn: 9 lower December wheat: 2 lower The markets opened with a more negative slant for grains vs. positive for soy. Beans gained on wheat, while wheat gai...
AM Outlook - Weather = Wide Ranges
Good Morning, Overnight prices featured a technical rebound in the soy complex while grains were slightly firmer. Prices should begin to find support at recent ranges as the July WASDE will be released next Monday and will apply the latest acreage and stocks data. Fund p...
Technical Views - Large Sideways Chop
SPREADS August crush trades to 96.23c/bu while oilshare trades to 45.66%. July/Dec corn inverse trades to 1.24 1/2c, while the Sep/Dec inverse trades from 12 1/4c from 15 1/4c. Sep/Dec meal trades from $3.70 out to $4.90 carry. August /Nov bean inverse trades from 37 1/2c inve...
PM Post - New Ranges to be Defined
THE OPEN Nov. beans: 14 higher Dec meal: 5.70 higher Dec soyoil: 125 pts higher Dec corn: 19 higher Dec wheat: 9 1/2 higher The markets opened higher, but the PM highs were not exceeded, and light profit-taking was noted as we head into the last trading day before...
AM Outlook - Time to Digest
GOOD MORNING, The USDA report sent prices sharply higher yesterday and the market will need a few days to digest the numbers. Charts did a sharp U-turn from Tuesday morning lows with recent shorts covering on the back of bullish numbers. New money was noted coming into December corn...
Technical Views - More Gains
SPREADS August crush trades to 1.07c/bu while oilshare trades to 45.92%. August/Nov beans trades from 31c from a high of 40 3/4c inverse. Sep/Dec meal trades into nearly even from $3.10 carry. July/Dec corn inverse trades from 1.27 1/2c to 1.35c, while Sep/Dec trades from 10 1...
PM Post - Guessing Wrong
THE OPEN November beans: 7 lower December meal: 2.20 higher December soyoil: 88 lower December corn: 12 1/2 lower December wheat: 9 1/2 lower Prices opened as called but this being month's end, quarter-end and report day brought about further price liquidation.&nbs...
Technical Views - Softer Ahead of Reports
SPREADS August crush trades to 1.13c/bu while oilshare trades to 46.54%. Jul/Nov bean inverse sits at 46 1/4c to 49 3/4c, while August/Nov firms to 28 1/4c from 27 1/4c. Sep/Dec meal trades into $1.80 carry from $2.40. Jul/Dec corn inverts to ctr highf of 1.50c from 1.41c, whi...
AM Outlook - Lower on Acreage Expectations
GOOD MORNING, Today's price action will be guided by the June 30 Stocks/Acreage report. Trading ranges are confirmed, and though the night trade started with mixed values, all are lower heading into the open except for meal, which is higher on profit-taking in oilshare. There...
PM Post - Evaporating Weather Premium
THE OPEN November beans: 4 higher December meal: 4.60 lower December soyoil: 180 pts higher December corn: 1 higher December wheat: 2 lower The markets opened as called with higher oilshare value intact once again remaining as the major feature of trade. Wheat lost...
AM Outlook - Position Day
GOOD MORNING, Prices are mixed with the major feature that of higher oilshare. Soyoil futures are sharply higher against a falling meal market. Beans were mixed between product strength and weakness, but ultimately closed higher on technical chart strength. Minneapolis wheat i...
Technical Views - Only Meal Down
SPREADS August crush trades higher to 1.18c/bu while oilshare moves up to 47.35%. Heading into first notice day, the July/Nov bean inverse falls to 42 1/4c from 51 1/4c, while August/Nov falls to 22c from 29 1/2c. Sep/Dec meal carry trades from $3.10 out to $4.00. July/Dec cor...
PM Post - Recovery Trade
THE OPEN beans: 14 higher meal: .80 lower soyoil: 170 higher corn: 4 higher wheat: 10 higher The markets opened as called and put in further recovery trade from the lows. Soyoil and bean prices rebounded which lent support to corn. Wheat prices were hig...
AM Outlook - Higher Grain and Oilshare
GOOD MORNING, The markets, with the exception of meal, are higher on a combination of pricing, short-covering, and perhaps a bit of bargain hunting heading into the June 30 Acreage / Stock report on Wed at 11:00 central time. Oilshare is bouncing back from Friday headline losses. Th...
Technical Views - Within Ranges
SPREADS August crush trades to 1.11c/bu while oilshare firmer to 36.28%. The expiration of July options dials down open interest tallies. The Jly/Nov bean inverse falls to 57 3/4c from 63c, new lows. Sep/Dec meal carry trades wider to $5.20 from $3.90. July/Dec cor...
Technical Views - Some Soft, Some Strong
SPREADS August crush trades to 1.04c/bu while oilshare is higher as soyoil surges again overnight, trading up to 47.53%. July open interest continues to fall impacting inverses. July/Nov bean inverse trades down to 76c vs. 85 1/2c while July/Dec corn inverse trades down to 1.15 1/2c...
PM Post - Meal Drags
THE OPEN Nov beans: 5 higher Dec meal: .50 lower Dec soyoil: 35 higher Dec corn: 1 higher Dec wheat: 1 higher The markets opened as called with further strength as traders lifted shorts in beans on the back of a continuing strong soyoil performance. Grains we...
Technical Views - The Upshot
SPREADS Dec crush trades to 1.36c/bu while oilshare trades to new highs at 49.47%. Bean spreads are weaker as November contracts continue to roll forward. Nov/Jan bean carry trades from 11c to 11 1/2c, while Nov 21/22 trades from 1 3/4c to 6 3/4c carry. Nov/March bean spread t...
AM Outlook - Demand Day
GOOD MORNING, Prices were higher at the start of the PM session with beans and soyoil in the lead to the upside. Global vegoil prices remain lock-step in the plus column as energies work to new highs. Canola prices are once again sharply higher on poor Canadian weather. Matif/Canada...
PM Post - Buy Wheat, Sell Corn
THE OPEN November beans: 3 lower December meal: 1.30 lower December soyoil: 25 higher December corn: 2 lower December wheat: 3 lower The markets were called to open higher but funds came out as sellers. Funds continue to adjust positions heading into the October 12 WASDE...
AM Outlook - Trends Intact
GOOD MORNING, Prices opened close to home, higher for soy with some light profit-taking in wheat. All markets are higher heading into the close led by wheat. Minneapolis wheat trades into contract highs, and oats have traded into all-time record highs. Matif wheat made n...
PM Post - Eyeing Next WASDE
THE OPEN November beans: 1 higher December meal: .30 higher December soyoil: 50 pts higher December corn: 3 higher December wheat: 6 higher The markets opened as expected but found selling and a choppy trade. Energies found profit-taking which impacted soyoil...
AM Outlook - Congestive, Constructive, Bearish, Friendly
GOOD MORNING, Prices opened fairly close to home with wheat again the firm trade out, and all else mixed to slightly lower. During the PM session, prices firmed around the board led by soyoil. Egypt is in for wheat, and we will see what origin they purchase. Meal is tryi...
Technical Views - Rebound Higher
SPREADS Dec crush trades to 1.34c/bu, new highs, while oilshare trades 48.80%. Dec/March corn trades from 8c to 8 1/2c carry while the Dec 21/22 inverse trades from 7 1/2c to 5c. Dec/March wheat trades from 12 1/2c to new lows of 13c. Dec wheat/corn trades from 2.12c dow...
PM Post - Soyoil Drives; Grains Relax
THE OPEN November beans: 1/4 higher Deceme meal: 2.00 lower December soyoil: 72 higher December corn: 3 1/2 lower December wheat: 6 1/2 lower It was a bit of turn-around Tuesday as bean prices put in a reversal trade from the lows. Of note was an adjust...
Technical Views - Sliding
SPREADS Dec crush trades higher to 1.28c/bu while oilshare firms up to 47.54%. Dec/March corn trades out to 9c from 8 1/2c. Dec 21/22 inverse trades down to 5 1/4C from 7 3/4c. Dec/March wheat widens out to 12c from 11 3/4c. Dec wheat/corn trades from 2.18 1/2c to 2.08 3...
AM Outlook - Macro Pressures
GOOD MORNING, Prices are mixed this morning, lower for everything but soyoil. Soyoil futures followed a strong performance by palm, which jumped to new contract highs, and firmer crude oil which trades closer to the $80/barrel mark. Oilshare is soaring, as Egypt comes to tender for...
PM Post - Good Inspections
THE OPEN November beans: 7 lower December meal: 1.40 lower December soyoil: 15 higher December corn: 3/4 lower December wheat: 6 higher The markets opened with new highs in wheat helping corn to stabilize, with soyoil futures firmer than expected. Oilshare returns...
AM Outlook - Grains Over Beans
GOOD MORNING, Prices started the PM session lower with corn prices slowly recovering led by wheat. Harvest proceeds forward as trading volumes are light. China is on holiday this week for Golden Week, which will add to fund control. Egypt announced an October 5 deadline...
Technical Views - Mostly Sideways
SPREADS Dec crush trades to 1.22c/bu while oilshare trades at 47.24%. Dec/March corn trades 8 1/4c to 8 1/2c, Dec 21/22 inverse trades down to 6c from 9 1/4c. Nov/Jan bean carry trades from 9 3/4c to 10 1/4c while the Nov 21/22 inverse falls to 2 3/4c from 7 3/4c. Nov/Ma...
PM Post - Buy Grains/Sell Soy
THE OPEN November beans: 2 lower December meal: 1.60 higher December soyoil: 12 lower December corn: 6 higher December wheat: 12 higher The markets opened as called with corn prices rebounding along with strong wheat. Buy grains/sell soy and a small adjustment in oilshar...
Technical Views - Post-Report Adjustments
SPREADS Dec crush trades higher to 1.11c/bu, which will incentivize crushers to do all they can. Oilshare trades higher to 47.0%. Dec/March corn trades from 7 1/4c to 8 1/4c while Dec 21/22 trades from 13 1/4c down to 11 1/4c. Nov/Jan bean carry trades from 9 1/2c to 10c. Nov...
AM Outlook - Two Potential Plays
GOOD MORNING, Prices for the soy complex are mixed, with beans lower, products trading both sides. Oilshare is seeing some profit-taking on the back of lower palm and crude. Grains are mixed with wheat higher to begin the session, but all turn positive by the end of the...
PM Post - Post-Report Adjustments
THE OPEN Nov beans: 4 higher Dec meal: 1.60 lower Dec soyoil: 90 higher Dec corn: 4 higher Dec wheat: 9 higher The markets opened as called but once again put in a good rally as this is month's end/quarter, first notice day for October, and position-squaring in front of...
Technical Views - Mostly Firm
SPREADS Dec crush trades higher to 1.03c/bu while oilshare trades firmer as well to 46.20%. Dec/March corn trades from 7 3/4c carry to 8c. Dec 21/22 corn inverse trades from 21c to 18 1/4c. Dec/March wheat trades from 12c to 12 1/4c, new lows. Dec wheat/corn trades...
AM Outlook - Bears are Watching
GOOD MORNING, The markets continue to put on good rallies. Features overnight include higher oilshare and soyoil strength, (on the back of strong palm prices), which helped beans to trade firm. There could be end-of-month short-covering in beans, as well as buying at perceived marke...
PM Post - Up Leveling
THE OPEN Nov beans: 2 higher Dec meal: .20 higher Dec soyoil: 32 higher Dec corn: 3 higher Dec wheat: 7 higher The markets opened as called with the soy complex trending weaker after the open as grains stood its ground. The lack of business announcement...
AM Outlook - "V" is for Volatility
GOOD MORNING, Prices were mixed overnight but gradually turned higher led by wheat, as traders seem more pre-occupied by what is going on in outside markets such as energies and stocks than Ags. Funds hold a slight short in wheat but could be switching to long into the report tomorr...
Technical Views - Leveling Up
SPREADS Dec crush trades 1.03c/bu while oilshare is steady at 45.78%. Dec/March corn trades out to 8 1/4c from 7 3/4c while the Dec 21/22 inverse falls further to 15 1/2c from 19 1/4c. Dec/March wheat trades from 11 1/2c to 12 1/2c. Dec wheat/corn trades from 1.73 1/2c t...
PM Post - Macros Prompt Fund Selling
THE OPEN Nov beans: 5 3/4 lower Dec meal: 1.40 lower Dec soyoil: 15 lower Dec corn: 1/2 lower Dec wheat: 1 higher The markets opened as expected but the soy complex found new selling after the open which drove beans lower and grains off the new highs traded. Storie...
AM Outlook - Oil is the Big Kahuna
GOOD MORNING, The markets have put in a good rally as we head into the Sep. 1 Quarterly Stocks report. Corn rallied on any number of items, including rumors of possible Chinese inquiries, higher energies, unwinding of previous buy wheat/sell corn trade, and better stochastics that e...
Technical Views - Weight of the Soy Complex
SPREADS Dec crush trades up to 1.00c/bu while oilshare trades to 45.98%. Spreads trade from 7 1/2c to 7 3/4c for Dec/March, while Dec 21/22 inverse trades from a low of 19 3/4c to 22 1/2c. Dec /March wheat widens out to 12c from 11 1/2c. Dec wheat/corn trades down to 1.79 1/2c...
PM Post - Outside Money Boost
THE OPEN Nov beans: 2 higher Dec meal: 2.00 higher Dec soyoil: 50 lower Dec corn: 1/2 lower Dec wheat: 1 lower The markets opened as called but corn prices turned higher as new money flows seemed to head into commodities on the back of comments from Goldman Sachs,...
Technical Views - Sideways Range-bound
SPREADS Dec crush trades to 93.70c/bu while oilshare trades to 45.51%. Spreads are firmer with Dec/March corn trading from 7 1/2c to 7 3/4c, while Dec 21/22 inverse trades from 21 3/4c to 20 3/4c. Dec/March wheat carry is slightly wider trading from 11c to 11 1/4c. Dec wheat/c...
AM Outlook - Bearish Tone
GOOD MORNING, Prices opened on a mixed note overnight, higher beans and wheat, lower corn. Weather is wide open for harvest. Soyoil futures opened lower vs. meal, and the EPA did not publish any biofuel mandate guidance as rumored last Friday. Beans continue to have a bi...
PM Post - Risk-off, Profit-taking, Position-leveling
THE OPEN Nov beans: 3 lower Dec meal: .20 lower Dec soyoil: 5 lower Dec corn: 1 lower Dec wheat: 1/2 lower The markets opened lower on a cautious air as headlines from China to the EPA can hit anytime and send prices in the opposite direction. Traders are watching outside mark...
Technical Views - Round We Go
SPREADS Dec crush trades up to 91.20c/bu while oilshare trades higher to 45.55%. Dec/March trades from 7 1/2c to 8c, while Dec 21/22 trades from 24c inverse to 21 3/4. Dec wheat/corn trades from 1.92c to 1.87 3/4c. Dec /March wheat trades from 10 1/2c to 11c. ...
Am Outlook - Notable Stories
GOOD MORNING, Prices were mixed in the evening, higher for beans and soyoil with corn struggling and all turning in the red by the AM hour. Soyoil prices are proceeding with caution as some expect an EPA story about biofuels. The rumors are that the EPA may finally release two years...
PM Post - As Called
THE OPEN Nov beans: 2 higher Dec meal: 1.10 lower Dec soyoil: 40 higher Dec corn: 2 lower Dec wheat: 4 higher The markets opened as called with prices continuing to wobble at first, only to find some tech strength on the back of strong wheat. A sale of corn w...
Technical Views - Corn/Soymeal Lower
SPREADS Dec oilshare trades to 45.20% while crush trades up to 89.85c. Dec/March corn narrows into 7 1/4c from 7 1/2c. Dec 21/22 trades from 24 1/2c inverse down to 22 3/4c. Nov/Jan bean carry trades from 8 3/4c out to 9 1/2c, while the Nov 21/22 trades from 36 1/4c inverse do...
AM Outlooked - Mixed Day
GOOD MORNING, Prices are mixed with wheat and soyoil leading the way in strength. The PM session featured more congestion trade as harvest rolls on and funds continue the process of positioning in front of the September 30 Quarterly Stocks report. Helping to steady the markets were...
AM Outlook - Mixed
GOOD MORNING, Prices started the evening on a tentative note, but beans, wheat, and soyoil prices rallied into the morning hours taking corn along with it. Oilshare has a bit of a comeback with a nice rally back to soyoil. Higher palm, canola, and crude stabilizes the soyoil chart,...
Technical Views - Upside Follow-through
SPREADS Dec crush is 88.65% with oilshare at 44.83%. Spreads are wider with Dec/March corn trading from 7 /34c to 8 1/2c carry, while Dec 21/Dec 22 trades from 23 1/2c to 18 1/4c. Dec/March wheat trades from 10 3/4c to 11c. Dec wheat/corn trades from 1.77 3/4c to 1.76c. ...
PM Post - Loss of Upside Steam
THE OPEN Nov beans: 3 higher Dec meal: 1.30 higher Dec soyoil: 15 higher Dec corn: 1 lower Dec wheat: 4 lower Prices opened as called but oilshare quickly found more selling pressure as traders bot meal/sold soy oil. The markets continued to find...
AM Outlook - Still Awaiting Upside Reversal
GOOD MORNING, Prices overnight continue to trend lower for grains, while attempting to put in some stabilization trade for soyoil and beans. Outside markets are showing a recovery from yesterday's nose-dive, with crude up which is supporting soyoil futures. Beans are also seei...
Technical Views - Soy to Lead
SPREADS Dec crush trades to 89c while oilshare trades to 44.76%. Dec/March corn carry trades from 8c to 8 1/4c, while Dec 21/22 trades from 20c inverse to 19c. Dec /March wheat trades from 10 3/4c to 11c carry. Dec wheat/corn trades 1.76 1/2c. Nov/Jan trades from 9c to 9...
PM Post - Beans Beaten Worst
THE OPEN Nov beans: 17 lower Dec meal: 2.80 lower Dec soyoil: 108 pts lower Dec corn: 11 lower Dec wheat: 10 lower The markets opened into lower prices due to weight from outside markets, which included sharply lower stocks, weaker energies, and a firmer US dollar...
Technical Views - Retrace Lower
SPREADS Dec crush trades to 88c/bu while oilshare trades at 45.0%. Dec/March corn trades out to 8c from 7c, while Dec 21/22 trades from 23 1/2c carry to 20 3/4c. Dec/March wheat carry trades from 10 1/2c to 11c. Dec wheat/corn trades from 1.86 1/4c to 1.83c. Nov/Jan bean...
AM Outlook - Exiting Some Longs
GOOD MORNING, Prices are lower across the board on more fund selling as weather moving forward continues to favor a good pace of harvest. Outside markets are lower, so there seems to be a macro-influence here along with harvest pressure. Crude oil prices are lower as world stock mar...
PM Post - Macro Sell-off
THE OPEN Nov beans: 10 lower Dec meal; 2.30 lower Dec soyoil: 52 lower Dec corn: 2 1/2 lower Dec wheat: 3 3/4 lower The markets opened as called but quickly moved lower as funds turned sellers into an open harvest weekend. Most commodities outside grain...
Technical Views - Lower Range Profit-tacking
SPREADS Dec crush trades to 86c/bu while oilshare trades at 45.44%. Dec/March corn trades from 7 1/2c to 7 3/4c, while Dec 21/Dec 22 trades from 26c inverses to 24 1/4c. Dec/March wheat trades from 10 1/2c carry to 11c. Dec wheat/corn trades from 1.99 1/2c down to 1.84c...
AM Outlook - Moving Lower
GOOD MORNING, The markets were lower overnight as we cap off a week that contained a rally, and will end with good harvest weather across the heart of the Midwest. Soyoil futures encountered its ups and downs, but it was mostly lower yesterday on the back of weaker energies and digestion...
PM Post - Choppy but Constructive
THE OPEN Nov beans: 3 higher Dec meal; 2.70 higher Dec soyoil: 34 lower Dec corn: 1 1/2 higher Dec wheat: 3 1/2 lower The markets opened as expected with more strength in bean and meal prices while soyoil and wheat prices struggled. Price action was choppy as some bulls took p...
AM Outlook - More Upside Follow-through
GOOD MORNING, The surprising strength of the rallies this week caught bears off guard, creating a short-covering rally which found little selling pressure. Corn was the strongest market but makes sense since it was the most beaten-up heading into the Sep. report. Basis remains stron...
Technical Views - Ownership
SPREADS Crush trades down to 91c/bu with oilshare at 45.89%. Spreads were firmer with Dec/March corn narrowing into 7c from 7 1/2c. Dec 21/Dec 22 trades from 26 3/4c to 24 1/4c inverse. Nov/Jan bean spread trades from 8 1/2c to 9c, while Nov 21/Nov 22 trades from 30c inverse t...
PM Post - Weakness Gets Purchased
THE OPEN Nov beans: 6 higher Dec meal: .10 lower Dec soyoil: 50 higher Dec corn: 6 higher Dec wheat: 3 higher Prices opened as called but cancellations of beans surprised the market with an initial sell-off. Corn prices in particular led the way higher, with oilsha...
AM Outlook - Momentum Lower is Stalled
GOOD MORNING, Prices begin the PM session mixed, led higher by corn with wheat lower, but most are higher heading into the close. The soy complex is firmer led by sharply higher soyoil on the back of higher crude and palm oil prices. Oilshare is back in vogue as traders buy soyoil/s...
Technical Views - Upside Follow-through
SPREADS Dec crush trades to 96c/bu while oilshare trades to 45.72%. Corn spreads are firmer across the board. Dec/March corn trades into 7 1/4c from 8c, while Dec 21/22 corn inverse trades from 18c up to 23 1/2. Dec wheat/corn spread trades from 1.72 3/4c up to 1.79 1/2c...
PM Post - Upside Follow-through
THE OPEN Nov beans: 9 higher Dec meal: 1.00 higher Dec soyoil: 70 higher Dec corn: 3 1/2 higher Dec wheat: 10 higher Prices continued to journey higher after the open on upside technical follow-through. The Gulf is once again getting another thras...
Technical Views - Trading in Ranges
SPREADS December crush pops up to 91c/bu while oilshare trades to 45.10%. Spreads firm with Dec/March corn narrowing into 8 1/2c from 9c carry. Dec wheat/corn trades from 1.74 1/c to 1.81 1/4c. Nov 21/Nov 22 inverse trades from 27c back to 31 3/4c. Nov/Jan bean spr...
AM Outlook - Waiting on Exports
GOOD MORNING, Prices are higher on the early night session as charts build on gains and on chatter that China has been actively purchasing US beans. The reversal trade on Friday for corn and beans showed promise, but would still call the bean rally a "relief" rally from the lows, while co...
PM Post - Continued Weakness
THE OPEN Nov beans: 3 lower Dec meal: 2.00 lower Dec soyoil: 3 higher Dec corn: 8 lower Dec wheat: 5 1/2 lower The markets opened as called but quickly found new selling interest as another open week of harvest approaches. Bids at the Gulf are firmer, w...
AM Outlook - Seesaw Continues
GOOD MORNING, The markets opened on a steady note, but the weight of harvest upon the markets sent prices into the red even though they remain off their Friday lows for now. The report was neutral to bearish, but the hurricane had factored in much negativity before the data leaving room f...
Technical Views - Spreads and Oilshare
SPREADS Dec crush trades down to new lows at 84.14c/bu, while oilshare trades to 45.10%. Dec/March corn trades into 8 3/4c from 9 1/4c. DecMarch wheat trades from 10 1/4c to 11c. Dec wheat/corn trades from 1.73c down to 1.69 3/4c. Nov 21/Nov 22 trads from 26c inverse to...
AM Outlook - Soft Ahead of Report
GOOD MORNING, Prices overnight generally were steady after a week of pressure. It is report day and the market has priced in a lot of bearish news, putting the onus on the bears to find something to take us much lower. If we go there, think there will be a lot of anxious end-users w...
Technical Views - Holding Pattern
SPREADS Dec. crush trades down to 90c/bu while oilshare trades to 45.43%. Dec/March corn spread narrows into 8c from 9 1/4c. Dec/March wheat trades from 9 1/2c to 11c carry. Dec wheat/corn trades from 1.82 1/2c to 1.79c. The Nov/Jan bean spread trades from 7...
PM Post - Low on Gusto
THE OPEN Nov beans: 8 lower Dec meal: 1.00 lower Dec soyoil: 50 lower Dec corn: 3 lower Dec wheat: 12 lower The market opened weaker and printed new lows before finding some pricing, bargain hunting into the report, and more short-covering. Corn prices reversed hig...
AM Outlook - Soft Bottom
GOOD MORNING, Soft markets were seen overnight as harvest looms large with clear weather over the next 10 days. The market continues to monitor progress in the Gulf. Traders are watching to see what the USDA has to say on Friday at 11:00 central time. Trends have been lower -...
Technical Views - Deeper Dive
SPREADS Dec. crush falls to 97c/bu while oilshare sits at a steady 45.84%. Dec/March corn trades from 9 1/2c to 9 3/4c carry. Dec/March wheat trades from 10 3/4c to 11 1/2c. Dec wheat/corn trades from 1.99 1/4c down to 1.91c. Nov/Jan bean trades from 9c to 9...
PM Post - Liquidation then Consolidation
THE OPEN Nov beans: 2 higher Dec meal: .90 lower Dec soyoil: 50 higher Dec corn: 1 higher Dec wheat: 2 lower The markets opened as expected but it was downhill again from there as the soy complex turned red and corn made new lows. Funds continue to liqu...
AM Outlook - Harvest Pressure versus WASDE Caution
GOOD MORNING, Prices continue to find pressure as harvest looms but considering there is an impending September WASDE, there is also some pricing and short-covering. Soyoil futures follow a higher palm oil direction, helping to support bean and oilshare. Corn has put in a bit of sta...
Technical Views - Balanced Approach
SPREADS Dec. crush trades to 1.00c/bu while oilshare trades to 46.42%. Dec/March corn trades from 9 1/2c to 9 3/4c, while Sep/Dec recovers from a trade that had been out to 16c, (trading 13 3/4c to 15c today). Dec/March wheat trades out to 11 1/2c carry from 10 1/2c. Dec...
PM Post - Funds Abandon Ship
THE OPEN November beans: 1 higher December meal: .20 higher December soyoil: 15 higher December corn: 1 lower December wheat: steady Prices opened as expected with corn weaker vs. soy. Traders continue to monitor progress for the Gulf, as exports attemp...
Technical Views - Adjusting Ahead of the WASDE
SPREADS Board crush trends weaker while oilshare values are mostly steady. Dec crush is trading at 1.03c/bu while oilshare trades at 46.20%. Sep/Dec corn fell to new lows at a 16c carry with cash markets under pressure as many buyers attempt to transition to "new crop" bids. D...
AM Outlook - Firmer on Demand and Short-covering
GOOD MORNING, The USDA report is around the corner on Friday, Sep 10. The markets are firmer overnight on a combination of short-covering, pricing, and bargain hunting in front of the USDA, though corn prices seem to be struggling. Cash markets are attempting to adjust to the...
PM Post - More Selling
THE OPEN Nov beans: 7 lower Dec meal: 1.00 lower Dec soyoil: 60 lower Dec corn: 6 lower Dec wheat: 2 1/2 lower The markets opened lower and found more liquidation on the same news as yesterday; export delays, rainfall, and weaker technical price action. Weaker oils...
AM Outlook - Slow Slide
GOOD MORNING, Prices in the night session started off the evening on a mixed note, mostly defensive, but losses accelerated in the last hour of trade. Palm oil prices were lower overnight, pricing in weaker Malaysia export data for August which weighed on soyoil futures once again. ...
Technical Views - Hunting New Lows
SPREADS Dec. crush trades to 1.14c/bu while oilshare trades to 45.90%. Sep/Nov congests from 6 1/2c inverse to 7c. NOv/March beans trade out to 12c to 12 3/4c. Dec /March meal trades to $3.80 carry. Sep/Dec corn trades from 1c to 3c carry. Dec/March corn carry trad...
PM Post - Technically Broke
THE OPEN Nov beans: 6 lower Dec meal: .40 higher Dec soyoil: 90 lower Dec corn: 6 lower Dec wheat: 5 lower The markets opened as called but selling emerged quickly taking prices into sell-stops. Oilshare once again found selling pressure, with soyoil fu...
AM Outlook - Competitive Standstill
GOOD MORNING, Prices were weaker yesterday and are mixed this AM, with soyoil sporting the largest losses. Oilshare is lower again as traders buy meal/sell soyoil. Liquidating Sep. positions and load disruptions due to Hurricane Ida in the Gulf impacted prices negatively...
Technical Views - Sideways Chop
SPREADS December crush traded to 1.14c/bu while oilshare trades to 45.85%. Spreads were slightly firmer with Dec/March corn trading from 8c to 8 1/4c carry, while Sep/Dec trades from 1 3/4c from 4 3/4c. Sep/Dec wheat trades out to 17 1/4c carry from 14 1/2c. Dec wh...
PM Post - Harvest Pressure; Waiting for Exports
THE OPEN Nov beans: 1 higher Dec meal: .80 higher Dec soyoil: 20 lower Dec corn: 2 lower Dec wheat: 8 higher The market started the session as called, though trade turned choppy after the open. Oilshare was able to momentarily recover. Focus of trade is on Hurrican...
AM Outlook - Bull-Bear Mixup
GOOD MORNING, Prices are mixed overnight with the key feature that of profit-taking in oilshare, with weaker soyoil futures weighing on beans. Weather remains a mostly bearish component now, though soaking rains from Hurricane Ida in the Gulf are unwelcome. Wheat is higher aga...
Technical Views - Mixed
SPREADS December crush trades to 1.13cbu while oilshare trades to 45.27%. The Sep/Nov bean spread has moved from a 37c inverse down to 14c as we approach first notice day Tuesday. Nov/March bean spread trades from 5 1/2c to 6 1/4c. Dec/March meal trades from $0.60 to $2...
No Technical Perspectives
We regret that due to an unexpected death in the family, there will not be any Technical Perspectives reports for the remainder of this week. Thank you for your patience and understanding. ...
Technical Views - Some Stability
SPREADS Dec crush trades firm at 1.12c/bu with oilshare at 45.58%. Bean spreads continue to weaken, with Nov 21/Nov 22 trading at an 8 1/2 month low from 68 1/4c inverse to 53 1/2c. Sep/Nov bean inverse trades from 2c to 1 1/2c. Nov/March bean spread trades out to 9 1/4c from...
AM Outlook - Supportive
GOOD MORNING, Prices opened higher across the board on crop progress numbers. Markets may be oversold and due for a bounce. Ratings were a bit of a surprise, under trade expectations and friendly for the market. This report runs contrary to bearish comments from the Pro...
PM Post - Will New Lows Hold?
THE OPEN Nov beans: 8 higher Dec meal: steady Dec soyoil: 70 pts higher Dec corn: 1 higher Dec wheat: 4 higher The markets opened as expected with the major feature being that of spread activity. Traders bought oilshare, (bot soyoil/sold meal), as it was perc...
AM Outlook - Correcting on Oversold
GOOD MORNING, Prices were higher overnight after dropping to new trading range lows for soyoil due to an unexpected wire service report that the EPA would recommend that biofuel mandates should be below 2020 due to less miles traveled. The agency subsequently announced that they could rai...
Technical Views - Higher on Turnaround
SPREADS Dec crush trades at 1.09c while oilshare trades to new lows at 44.72%. Sep/Dec corn firms to 2 from 1 1/4c. Dec/March corn carry trades from 7 1/2c to 7 3/4c. Sep/Dec wheat trades into 13 3/4c from 14c. Dec wheat/corn trades from 1.91 3/4c to 1.99c.&n...
Technical Views - Weaker Techs
SPREADS Dec crush trades to 1.14c with oilshare firmer at 46.23%. The Sep/Dec corn spread found some firming and buying interest at the 5c carry level, trading into even. Not hard to imagine that with Brazil out of the export picture that this spread may be firmer in the future.&nbs...
AM Outlook - Large Sideways Chop
GOOD MORNING, Prices worked both sides of unchanged in consolidation mode in the PM session. This week's lower performance was courtesy of weaker outside markets, a higher US dollar, and upcoming rainfall events for the western Corn Belt. As a result of a weaker technical pict...
PM Post - Bears Own the Day
THE OPEN Nov beans: 18 lower Dec meal: 4.00 lower Dec soyoil: 96 pts lower Dec corn: 9 lower Dec wheat: 12 lower The markets opened as expected but weaker outside markets, bearish Pro Farmer Crop tour comments, and rains forecasted for the weekend took a toll on th...
Technical Views - Everything Lower
SPREADS Dec crush trades 1.12c/bu while oilshare trades 45.90%. Sep/Dec corn narrows into 2 1/4c from 3c after trading as wide as 5c or more, and from an inverse. Dec/March corn narrows into 7 - 7 1/2c. Sep/Nov bean inverse is firmer trading from 5c to 6 3/4c. Sep/...
AM Outlook - Bearish Rain
GOOD MORNING, Prices started the session lower as the rainfall prospects across the Plains forecast for this weekend trumped the 10th day of active bean business announcements. Farmers need to see one or two more good rains to finish off crops and are monitoring this system closely. ...
PM Post - Support from Wheat
THE OPEN Nov beans: 3 lower Dec meal: 2.50 lower Dec soyoil: 45 lower Dec corn: 1 higher Dec wheat: 1 higher The market opened as expected but soy complex prices eventually trended lower. Grains were firmer as wheat futures continue to remain firm. Corn was a follower wh...
AM Outlook - Downside Follow-through
GOOD MORNING, Prices opened slightly lower in the overnight session on technical follow-through selling from Tuesday's general down-day of trade. In the AM, the soy complex is trending lower vs. firmer grains. A bearish NOPA report this week for soyoil (higher ending stocks)...
Technical Views - Grains over Oilseeds
SPREADS October crush trades to 1.02c with oilshare steady at 46.30%. Sep/Dec corn widens out to 5 1/4c from 4 3/4c as traders continue to liquidate or roll Sep. Dec/March corn trades from 7 1/4c carry to 7 3/4c. Sep/Dec wheat trades out to 13 1/2c / 14 1/4c carry. The D...
PM Post - Profit-taking; Wheat Correction
THE OPEN Nov beans: 2 higher Dec meal: 2.50 higher Dec soyoil: 60 lower Dec corn: 1/2 lower Dec wheat: 10 lower The markets opened as expected with profit-taking in wheat and wheat/corn spreads. Oilshare continued to leak lower as charts leaned friendly for m...
AM Outlook - Crop Ratings/Demand Drive Market
GOOD MORNING, A surprising crop ratings report and more chatter about bean demand presented a higher open, and funds were buyers in the overnight session. Grains followed, with meal gaining slightly on soyoil. Trends of note include buy beans/sell corn and buy wheat/sell corn. ...
Technical Views - Beans/Meal Move Higher
SPREADS Sep. crush continues to slide down to 1.03c/bu with oilshare at 46.70%. Spread trade of note is the Dec wheat/corn, which trades over recent highs of 1.89c to new highs of 2.06 1/4c. Sep/Dec corn trades to 5 3/4c carry from an inverse, while Dec/March is in the same ra...
PM Post - No New Tops; Wider Ranges
THE OPEN Nov. beans: 8 higher Dec meal: steady Dec soyoil: 4 higher Dec corn: 2 1/2 higher Dec wheat: 4 higher Prices opened as expected with a bit of profit-taking to start the day. Traders digested the report which leaves them still waiting to hear more chatter...
AM Outlook - Shifting Longer
GOOD MORNING, Overnight prices were mostly in the green with wheat leading the way higher as the market continues to digest the USDA numbers from last Thursday's report. The bullish numbers sent prices to the upside of recent ranges as the yields were less than expected, particularly for...
Technical Views - Adding Longs
SPREAD Sep. crush trades to 1.13c with oilshare prices trading up to 47.03%. Sep/Dec corn goes from an inverse trade to 4 3/4c carry from 3 3/4c. Dec/March trades into 6 1/4c carry from 6 1/2c. Sep/Dec wheat trades out to 14 3/4c carry from 12 1/4c. Dec wheat/corn trades...
No Technical Perspectives on August 13, 2021
Note that WPI will not be publishing Technical Perspectives reports on Friday, August 13, 2021. However, all other articles covering markets and policy will be available today including the technical trading information normally available in Market Commentary. ...
Technical Views - Uncertainty
SPREAD Sep. crush trades to 1.19c/bu while oilshare is firm at 46.87%. Sep/Nov bean inverse trades from 7 3/4c to 6 1/4c. Nov/March beans trade from 1c to 1 1/2c carry. Sep/Dec meal trades from $2.20 to $2.70 carry. Sep/Dec corn trades from 2 3/4c to 3 1/4c carry.&...
AM Outlook - Looking for Direction from the Report
GOOD MORNING, The markets all started the evening trade with losses, but slowly came back in the grains to trade higher. The major function of the market into the morning is that of continued position-evening into the USDA report. Wheat remains supported as private estimates for Rus...
PM Post - Watching Export and Yield Changes Tomorrow
Technical Views - Mostly Sideways Ranges
SPREADS Sep. crush is 1.12c while oilshare trades at 46.90%. The September roll continues, and is still a bulk of trading volume. Sep/Dec corn widens out to 3c to 4c carry, while Dec/March carry trades from 7 1/4c to 7 3/4c carry. Sep/Dec wheat trades out to 13c from 12...
AM Outlook - Just Following Fundamentals
GOOD MORNING, Prices are mixed, with the major feature that of higher soyoil which in turn is supporting the bean market. Corn follows stronger beans. The soyoil futures market is piggy-backing off of sharply higher palm oil prices. Beans are gaining upside traction from chart...
PM Post - Firm Ahead of Thursday
THE OPEN November beans: 9 higher December meal: 4.20 higher December soyoil: 30 higher December corn: 2 lower December wheat: 4 higher The markets opened as called with oilshare values heading higher, recouping losses, and beans/wheat firm vs. corn. SO...
Technical Views - Still Rangebound
SPREADS Sep. crush was 1.14c/bu while oilshare traded 45.76%. August / Nov bean inverse jumps to 1.17c from 1.13c, while Sep/Nov inverse firms to 1.12 1/4c from 11c. Sep/Dec meal trades from $1.60 to $2.20 carry. Sep/Dec corn trades out to a 3 1/4c carry from what was an inver...
AM Outlook - Bearish Pressures
GOOD MORNING, Prices are mixed overnight with corn prices lower on better-than-expected ratings, and a poor inspections report yesterday that suggests exports may not achieve USDA projections. Beans are firmer on a steady rating, but drier conditions moving into the following week. ...
PM Post - Inspections Mixed; Crop Progress Lower
THE OPEN Nov. beans: 1 higher Dec. meal: 2.80 higher Dec. soyoil: 40 lower Dec. corn: 4 1/4 lower Dec wheat: 3 1/2 lower The markets opened into more strength for beans and meal as another announcement was net positive, supporting ideas that demand from China...
Technical Views - Mostly Lower
SPREADS Sep. crush trades down to 1.15c/bu while oilshare trades lower to 45.92%. Sep/Dec corn trades from 1 1/2c to 2c carry, while Dec/March trades out to 8 1/4c from 7 3/4c. Sep/Dec wheat trades from 13 3/4c to 14 1/4c carry. Dec wheat/corn trades down to 1.69 1/4c from 1.7...
AM Outlook - A Tale of Two Weather Patterns
GOOD MORNING, Prices are mixed with rains in the eastern Corn Belt weighing on prices, and lower crude oil creating a buy meal/sell soyoil trade. Soyoil trades sharply lower on weaker palm and crude which impacts beans. Corn spreads are weaker while nearby bean spreads reach n...
PM Post - Ranges Reflect Yield Debate
THE OPEN November beans: 7 1/2 higher December meal: 1.40 higher December soyoil: 70 higher December corn: 2 higher December wheat: 9 3/4 higher The markets opened as called with prices trading both sides of even for meal and corn. However, wheat prices remained firm, wh...
AM Outlook - Pushing Higher
GOOD MORNING, Prices were mixed to begin the PM session but turned higher by the morning. The markets continue to digest all the yield guesses while continuing to look for signs of export activity. China has been around the corn and bean markets with a bean business announcement yes...
Technical Views - Upside of Sideways
SPREADS Sep. crush trades to 1.24c/bu while oilshare trades to 46.48%. Sep/Dec corn spread finds little direction, trading from 2 1/2c to 1c inverse, while Dec/March narrows into 7 3/4c from 8c. Sep/Dec wheat widens out to 13 1/4c from 12 1/2c. Dec wheat/corn trad...
PM Post - Lower Forecast Numbers
THE OPEN November beans: 2 lower December meal: 2.50 higher December soyoil: 32 lower December corn: 5 1/2 higher December wheat: 7 higher The soy complex opened as expected with prices trending firmer at the start of the session. Spreads were firmer as well...
Technical Views - A Few Tests
SPREADS Sep. crush trades to 1.26c/bu while oilshare trades down to 46.76%. Sep/Dec corn trades either side of even, 3/4c inverse to 1/2c carry, while Dec/March corn trades from 7 3/4c to 8 1/4c. Sep/Dec meal trades into 1.60c from $2.40c. Sep/Dec wheat trades from 11 1/4c to...
AM Outlook - Split Decision
GOOD MORNING, Prices are trending lower for oilshare overnight as energies trade off, along with lower canola. Grains are firmer while the soy complex remains fairly close to settlement prices. Rumors continue to circulate that China has been around the US bean market for poss...
PM Post - Awaiting New Signals
THE OPEN November beans: 4 3/4 higher December meal: .10 higher December soyoil: 68 higher December corn: 2 1/4 higher December wheat: 10 higher The market opened as expected but profit-taking in grains sent futures into two-sided trade, while oilshare saw profit-t...
AM Outlook - Chop, Chop, Chop
GOOD MORNING, Prices started the session mainly mixed but turning two-sided during the overnight hours. Funds were net sellers yesterday as prices chop back and forth. The funds are now estimated to have increased their wheat length to around 10K, while long 235K corn. Funds a...
Technical Views - Wheat Has Strength
SPREADS Sep. crush trades to 1.27c/bu while oilshare trades to 47.56%. Sep/Dec corn inverse trades at a small carry from 3/4c to 1 3/4c, while Dec/March trades from 8 1/4c to 8 1/2c. Sep/Dec wheat trends out to 10 3/4c from 10 1/4c. August /Nov bean inverse firms to 76c...
PM Post - Selling Pressure into Range Lows
THE OPEN November beans: 24 lower December meal: 4.20 lower December soyoil: 110 pts lower December corn: 3 1/2 lower December wheat: 6 3/4 lower The markets opened lower but better bean ratings vs. a small decline in corn took front and center stage. The Census cr...
Technical Views - Defensive Day
SPREADS Sep. crush trades 1.30c/bu while oilshare trades to 47.0%. Sep/Dec corn trades out to 1 1/2c carry from 1/2c, while Dec/March trades out to 8c carry from 7 3/4c. Sep/Dec wheat trades back out to 10c from 9 1/2c. Aug/Nov beans trades from 66c to 70c, while Sep/Nov inver...
AM Outlook - Dropping on Better Conditions
GOOD MORNING, Prices are lower across the board on slightly better than expected crop ratings for beans. Corn crop ratings were actually 2% lower, but did not avoid a pressurized sell-off courtesy of the soy complex. Bull spreads continue to weaken on quiet nearby demand for b...
PM Post - More Upside
THE OPEN November beans: 4 lower December meal: 1.80 higher December soyoil: 60 lower December corn: 3 1/2 higher December wheat: 17 higher Higher wheat prices guided the market to a firmer-than-expected open. Inspections for corn found a good chunk to China,...
Technical Views - Getting In, Getting Out
SPREADS Sep. crush trades to 1.25c/bu while oilshare trades to 47.40%. Corn spreads are weaker with Sep/Dec now trading into new lows at 3/4c carry from 2c inverse. Dec/March corn weakens to 8c from 7 1/2c. Sep/Dec wheat trades out to 9 1/2c from 9c. Dec wheat/corn...
AM Outlook - Will Wheat Pull the Market Higher?
GOOD MORNING, Prices are mixed with soyoil seeing pressure due to profit-taking in oilshare, while wheat futures remain firm. Soyoil futures follow sharp losses in palm oil prices, as some firms estimate palm exports to be down 6% for the month of June. A warm and dry we...
PM Post - Rain Shakeup
THE OPEN November beans: 15 lower December meal: 2.10 lower December soyoil: 71 lower December corn: 5 3/4 lower December wheat: 5 1/2 lower The markets opened as called but a wetter -than-expected weather pattern in the Dakotas and end-of-week and month profit-taking se...
Technical Views - Cycling Lower
SPREADS Sep. crush trades to 1.28c/bu while oilshare trades down to 47.87%. Sep/Dec corn trades from 3c to 1 1/2c inverse, while Dec/March trades from 7 1/2c to 7 3/4c. Sep/Dec corn volumes dominated trade, with yesterday's open interest down by 8,650 contracts, and December up by 8,449 c...
AM Outlook - More Sideways Chop
GOOD MORNING, Prices are lower on first notice day for August futures. Wetter weather and end-of-week profit-taking dominates price action. Oilshare sees profit-taking, while other spread trade strengthens. Grains: Corn prices rally but lack conviction, with ideas...
PM Post - Building Gains within Trading Ranges
THE OPEN November beans: 12 higher December meal: 3.00 higher December soyoil: 62 higher December corn: 3 higher December wheat: 10 higher The markets opened as expected building on gains as overnight price action and technical upside momentum suggested they would...
Technical Views - Upward Momentum
SPREADS Sep. crush trades to 1.27c/bu while oilshare trades to 47.79%. August /Nov bean inverse rallies to 71c before giving up some of its gains. Rumors of export business continue, and is playing out in the spread strength? Sep/Nov inverse is trading from 9 1/2c to 8 1...
AM Outlook - Higher Wheat and Oilshare
GOOD MORNING, Prices are higher as more reports of a devastated wheat crop in North Dakota roll in. Extreme heat in the Northern Plains and in the Midwest will cause serious damage to crops already stressed. The tour estimated yields at a woefully low 24.6 bps on the second day of t...
PM Post - Bearish Mood Despite the Rally
THE OPEN November beans: 7 higher December meal: .40 higher December soyoil: 58 higher December corn: 3 higher December wheat: 14 higher The markets opened as expected with key features being that of higher follow-through in wheat, as the tour continues through Nor...
Technical News - A Bounce
SPREADS Sep. crush trades to 1.24c/bu while oilshare trades to 47.45%. Sep/Dec corn inverse weakens to 1 3/4c from 2 3/4c, while the Dec/March corn carry trades from 7 1/2c to 7 3/4c. Traders are watching Sep/Dec for signs of export activity. Sep/Dec wheat widens o...
AM Outlook - Purchase Rumors and Weather
GOOD MORNING, Prices are firmer as more rumors of possible Chinese business and hot and dry temperatures for this week underpin futures. Wheat leads the board in strength at all three exchanges on the back of comments from the wheat tour in North Dakota. Wheat: Funds were net...
PM Post - Funds Sell Rallies
THE OPEN November beans: 18 higher December meal: 6.60 higher December soyoil: 50 pts higher December corn: 9 1/4 higher December wheat: 7 1/2 higher The markets opened as called with fund buying activity note as well as profit-taking in oilshare. Buy meal/se...
AM Outlook - Technical Reversal; Poorer Crop Ratings
GOOD MORNING, Overnight prices were firmer on the technical reversal from yesterday and lower than expected crop progress ratings. Chartists and technicians see the reversal in bean trade as constructive, and Monday night featured follow-through. Beans gained on corn, meal gained on...
Technical Views - Higher in Ranges
SPREADS October crush trades to 1.15c/bu while oilshare trades to 47.58%. Sep/Dec corn inverse continues to weaken, trading down to 2 1/2c from 3 1/4c, while Dec/March carry trades from 7 1/2c to 7 3/4c. Sep/Dec wheat trades into new lows at 10c carry from 9 1/2c. Dec wh...
PM Post - Soyoil the Only Constant
THE OPEN November beans: 11 lower December meal: 3.50 lower December soyoil: 15 higher December corn: 4 1/2 lower December wheat: 11 lower The markets opened as called with soyoil prices and oilshare heading higher after the open, bringing more stability to beans. ...
AM Outlook - Declining Demand and OI
GOOD MORNING, Prices started the night with more losses as we head into the last week of July. The lack of demand and overall reductions in fund length continues to send prices into large sideways trading ranges. Open interest numbers continue to decline week on week for beans, corn...
Technical Views - Headed Lower
SPREADS Crush is higher today with November trading to 1.24c/bu and oilshare at 47.63%. Sep/Dec corn inverse trades from 3 3/4c to 5 1/4c, while Dec/March trading from 7 3/4c out to 8c carry. Sep/Dec wheat trades into new lows from 9 1/4c to 9 3/4c. August/No...
PM Post - Bailing Out for the Weekend
THE OPEN November beans: 5 lower December meal: 3.80 lower December soyoil: 90 higher December corn: 1 1/4 lower December wheat: 3 3/4 higher The markets opened as expected with more profit-taking as funds remain long and the weaker technical picture, lower demand...
Technical Views - Still Sideways
SPREADS We continue to see positive crush margins in the US, with August at 99c/bu and Sep. at 1.31c/bu. August oilshare trades to 47.70% and Sep. is at 47.25%. Sep/Dec meal trades from $3.40 carry out to $3.90. August/Nov bean inverse trades from a low of 49 1/4c up to 54 1/4...
AM Outlook - Unwinding
GOOD MORNING, Prices are mixed this morning with higher oilshare and soyoil and firm wheat, vs. weaker beans, meal, and corn. Traders were busy unwinding previous oilshare values this week on the back of the Administration's delay to defining biofuel mandates, but that correction se...
PM Post - Weather or Not
THE OPEN November beans: 25 lower December meal: 5.60 lower December soyoil: 130 pts lower December corn: 13 lower December wheat: 14 lower Prices opened lower as values overall remain in large sideways patterns. End-users sought coverage as weather still remains questio...
Technical Views - Sideways and Lower
SPREADS August crush trades to 95c/bu while oilshare trades to 46.76%. Sep/Dec corn trades up to 4 1/2c from 3 1/2c while Dec/March carry trades from 7c out to 7 1/2c. Sep/Dec wheat trades from 8 1/2c out to 9c. Dec wheat/corn trades from 1.52 1/2c down to 1.44 1/2c.&nbs...
AM Outlook - Weathered Downward
GOOD MORNING, Prices took a turn lower as selling surfaced in Minneapolis wheat as rains crossed areas of Canada and the Great Lakes region. Minneapolis Sep. wheat travels 60c off the highs on Monday. Canola futures are lower as well, taking soyoil prices down with it. P...
PM Post - Trading Ranges Affirmed
THE OPEN November beans: 2 higher December meal: 3.70 higher December soyoil: 70 lower December corn: 5 higher December wheat: 5 1/2 higher The markets opened as called but continued the same overnight action with soyoil futures breaking more which took beans lower...
Technical Views - Finding Values
SPREADS August crush trades to 99c/bu while oilshare trades to 47.27%. Sep crush is 1.28c/bu with oil share at 46.77%. Sep/Dec corn inverse trades in the red from 5 1/4c to 6 1/4c, while Dec/March is firmer from 7c to 7 1/4c carry. Sep/Dec meal trades from $3.70 out to $...
AM Outlook - Grains Firmer; Soyoil Weaker
GOOD MORNING, Prices are mixed, with soyoil lower and more buy meal/sell soyoil spread trade. After the close yesterday, the EPA announced they would delay the release of biofuel mandate targets. The White House has delayed an annual process meant to decide how much ethanol and othe...
PM Post - Rebound but Directional Strength is Weak
THE OPEN November beans: 18 higher December meal: 4.50 higher December soyoil: 67 higher December corn: 13 1/4 higher December wheat: 18 3/4 higher The markets opened higher and continued to keep nightly gains into midday with corn prices extending towards gap-fill...
Am Outlook - Rebound
GOOD MORNING, Commodities and equities saw a nice rebound to start the night. All posted gains at the start of the trading session, including soyoil. Gains in soyoil outpaced meal, as has been the case backing oilshare, while wheat prices traded higher as well maintaining recent gai...
Technical Views - Retracement and Filling Gaps
SPREADS August crush trades to 97.28c/bu while oilshare trades to 47.87%. Sep oilshare trades to 47.27%. Sep/Dec corn spread is firmer with an inverse from 3 1/2c to 4 3/4c, while Dec/March carry narrows into 7c from 7 1/4c. August /Nov bean inverse finds lower values at 52c f...
PM Post - Turning Lower
THE OPEN November beans: 3 higher December meal: 3.90 higher December soyoil: 52 lower December corn: 6 higher December wheat: 10 1/2 higher The markets opened as called but prices turned lower for beans which followed a sharply lower soyoil market. Macros we...
Technical Views - New Lines of Support
SPREADS Sep crush trades to 1.24c/bu while oilshare trades to 47.70%. August oilshare trades to new highs at 48.32%. Sep/Dec corn inverse leaks down to 2 1/4c before finding some stability to trade to 5c. Sep/Dec corn inverse has been losing ground on concerns over lower US ex...
AM Outlook - Weather Reversal
GOOD MORNING, If the rains washed away gains over the last several weeks, a bit of hot and dry is now turning prices higher. In the meantime, the Commitment-of-Traders report showed that long positions were not only lightened up, but that funds were also net short wheat. Wheat...
PM Post - Wide Ranges, Watch Buying
THE OPEN November beans: 15 higher December meal: 4.40 higher December soyoil: 71 higher December corn: 6 higher December wheat: 15 higher The markets were called higher and posted further gains after the open on technical considerations and calls for warmer and drier we...
Technical Views - Eyes on Weather
SPREADS August crush trades to 90c/bu while oilshare trades to 47.63%. Corn inverses are slightly weaker as new buying comes into December. Sep/Dec inverse trades down to 5 1/2c from 8 1/4c, while Dec/March corn trades from 7 1/2c to 8c carry. August / Nov bean weakens to 61 3...
AM Outlook - Upside Follow Through
GOOD MORNING, Prices continue to firm in the overnight session with wheat gaining on corn, and meal on soyoil, for a change. Weekly export sales were not much to get excited about, though wheat sales were the more impressive item. New sales for corn remain about 3 times ahead...
PM Post - Thin and Choppy
THE OPEN Nov beans: 2 higher Dec meal: 2.90 lower Dec soyoil: 70 higher Dec corn: 1/2 lower Dec wheat: 5 higher The markets opened as called but trade was thin and choppy with beans following meal prices lower and wheat seeing further gains. Buy wheat/s...
AM Outlook - Congestion and Mixed Weather
GOOD MORNING, Prices continue in congestion trade with rains this week bearish but hot and dry forecasts next week keeping markets well supported. Higher oilshare and firmer spreads are key features of trade this morning. Markets are backing into ranges from yesterday, with the exce...
Technical Views - Staying in Bandwidth
SPREADS August crush trades to 88c/bu while oilshare prices are 47.83%. August /Nov bean inverse remains supported trading from 70c to 76 3/4c, while Sep/Nov trades from 11 1/2c inverse to 13 3/4c. Sep/Dec corn inverse continues to congest from 9 1/2c to 10 1/4c, while Dec/March tra...
PM Post - Seeking Value Levels
THE OPEN November beans: 15 higher December meal: 2.90 higher December soyoil: 49 higher December corn: 6 1/2 higher December wheat: 15 higher Prices opened into strength as firm overnights and a good close prompted follow-through buying activity. Oilsh...
Technical Views - Up
SPREADS August crush trades up to 86c/bu while oilshare trades to 47.74%. August /Nov bean inverse strengthens to 68 3/4c from 61 1/2c while Sep/Nov trades from 9 3/4c from 8c. Sep/Dec corn inverse is mixed trading down to 9c from 10 1/4c, while Dec/March carry trades from 7 3/4c to...
AM Outlook - Higher into the Open
GOOD MORNING, Prices are higher heading into the open. July futures expire today as noontime, and July corn placed a new contract high for the week at $7.50 1/2. Oilshare continues firm and wheat is trying to find its footing. Buyers were not enticed by wheat's price action so...
PM Post - Technical Recovery
THE OPEN November beans: 6 higher December meal: 4.50 lower December soyoil: 155 pts higher December corn: 1/2 lower December wheat: 6 lower Markets opened as called with prices continuing to recover on the back of mostly technical considerations. Open gaps a...
Technical Views - Mostly Firmer
SPREADS August crush trades to 90.51c/bu while oilshare trades to 48.29%. August / Nov bean inverse trades from 54 1/2c to 52 1/4c, while Sep/Nov trades from 8c down to 6 1/2c. Sep/Dec meal carry trades from $3.50 out to $4.90. Sep/Dec wheat trades from 6c to 7 1/2c carry.&nbs...
AM Outlook - Report Has Come and Gone
GOOD MORNING, The report has come and gone, and in its wake set the trend for higher oilshare and higher beans vs corn. The bullish wheat report set the stage for a short-covering rally, and perhaps new bulls in the mix. Bull-spreads were evident as prices rallied after the release...
PM Post - Lows Printed, Back to Weather
THE OPEN Nov beans: 3 1/2 higher Dec meal: 1.40 lower December soyoil: 60 pts higher December corn: 2 3/4 higher December wheat: 1 lower The markets opened as called but prices quickly drove higher as the beginning of the week brings with it warmer and drier temper...
Technical Views - Slow at Open
SPREADS September crush trades to 1.22c/bu while oilshare trades to 46.74%. August / Nov bean inverse trade from 48c to 54 1/2c while Sep/Nov trades from 8 1/2c up to 11c. Sep/Dec corn trades from 13c to 12c inverse, while Dec/March corn trades from 7 1/2c to 8c carry. Dec whe...
AM Outlook - Light Position Evening
GOOD MORNING, It is report day and traders do not expect to see many changes in the numbers, particularly where yields are concerned. The report will factor in the slightly higher acreage data from June 30, and will be released at 11:00 central time. Look for light position-evening...
PM Post - Mid-day Trend into the Close
THE OPEN November beans: 3 1/2 lower December meal: 1.70 lower December soyoil: 16 higher December corn: 7 lower December wheat: 3 1/4 lower The markets opened as expected with a bit more technical selling on hand in the grains and meal. Higher soyoil prices stabil...
AM Outlook - Looking for Price Direction
GOOD MORNING, The markets seem to have run out of price direction except for the continuation of small fund liquidation into end-user pricing interest. Pricing orders help to stabilize prices as technicals turn weaker, but the session culminated with a sell-off towards key support levels...
Technical Views - Weaker Signals
SPREADS August crush trades to 84.39c/bu while oilshare remains steady at 46.0%. Sep/Dec corn inverse strengthens to 15 1/4c from 13 1/4c. Sep/Dec wheat trades to a 9c carry from 8 1/2c, but could widen out further with downside targets towards 10c-12c. Dec wheat/corn tr...
PM Post - CBOT Sideways in Congestion Mode
THE OPEN: Nov beans: 10 lower Dec meal: 2.00 lower Dec soyoil: 65 lower Dec corn: 4 lower Dec wheat: 3 lower The markets opened as called with prices continuing to congest in front of the July WASDE. Funds have been selling off more length awaiting the next fundamental input. Argentina's grai...
AM Outlook - Grinding Sideways
GOOD MORNING, Prices continue grinding sideways into next Monday's July WASDE report. Traders continue to liquidate length and oilshare. Beans were higher at the start of the week on rumors of Chinese inquiries, though prices have weakened lately on the back of lower recent demand f...
Technical Views - Downward Slope
SPREADS August crush trades to 91.90c/bu while oilshare trades 45.61%. August /Nov bean inverse trades to 43 1/2c down to 39 1/4c., while Sep/Nov trades from 7 1/2c down to 5 1/2c. Sep/Dec meal carry trades from $3.60 out to $4.50. July/Dec corn trades at 1.21 1/2c, with...
PM Post - Good Beans, Bad Grains
THE OPEN November beans: 15 higher December meal: 4.40 higher December soyoil: 10 higher December corn: 9 lower December wheat: 2 lower The markets opened with a more negative slant for grains vs. positive for soy. Beans gained on wheat, while wheat gai...
AM Outlook - Weather = Wide Ranges
Good Morning, Overnight prices featured a technical rebound in the soy complex while grains were slightly firmer. Prices should begin to find support at recent ranges as the July WASDE will be released next Monday and will apply the latest acreage and stocks data. Fund p...
Technical Views - Large Sideways Chop
SPREADS August crush trades to 96.23c/bu while oilshare trades to 45.66%. July/Dec corn inverse trades to 1.24 1/2c, while the Sep/Dec inverse trades from 12 1/4c from 15 1/4c. Sep/Dec meal trades from $3.70 out to $4.90 carry. August /Nov bean inverse trades from 37 1/2c inve...
PM Post - New Ranges to be Defined
THE OPEN Nov. beans: 14 higher Dec meal: 5.70 higher Dec soyoil: 125 pts higher Dec corn: 19 higher Dec wheat: 9 1/2 higher The markets opened higher, but the PM highs were not exceeded, and light profit-taking was noted as we head into the last trading day before...
AM Outlook - Time to Digest
GOOD MORNING, The USDA report sent prices sharply higher yesterday and the market will need a few days to digest the numbers. Charts did a sharp U-turn from Tuesday morning lows with recent shorts covering on the back of bullish numbers. New money was noted coming into December corn...
Technical Views - More Gains
SPREADS August crush trades to 1.07c/bu while oilshare trades to 45.92%. August/Nov beans trades from 31c from a high of 40 3/4c inverse. Sep/Dec meal trades into nearly even from $3.10 carry. July/Dec corn inverse trades from 1.27 1/2c to 1.35c, while Sep/Dec trades from 10 1...
PM Post - Guessing Wrong
THE OPEN November beans: 7 lower December meal: 2.20 higher December soyoil: 88 lower December corn: 12 1/2 lower December wheat: 9 1/2 lower Prices opened as called but this being month's end, quarter-end and report day brought about further price liquidation.&nbs...
Technical Views - Softer Ahead of Reports
SPREADS August crush trades to 1.13c/bu while oilshare trades to 46.54%. Jul/Nov bean inverse sits at 46 1/4c to 49 3/4c, while August/Nov firms to 28 1/4c from 27 1/4c. Sep/Dec meal trades into $1.80 carry from $2.40. Jul/Dec corn inverts to ctr highf of 1.50c from 1.41c, whi...
AM Outlook - Lower on Acreage Expectations
GOOD MORNING, Today's price action will be guided by the June 30 Stocks/Acreage report. Trading ranges are confirmed, and though the night trade started with mixed values, all are lower heading into the open except for meal, which is higher on profit-taking in oilshare. There...
PM Post - Evaporating Weather Premium
THE OPEN November beans: 4 higher December meal: 4.60 lower December soyoil: 180 pts higher December corn: 1 higher December wheat: 2 lower The markets opened as called with higher oilshare value intact once again remaining as the major feature of trade. Wheat lost...
AM Outlook - Position Day
GOOD MORNING, Prices are mixed with the major feature that of higher oilshare. Soyoil futures are sharply higher against a falling meal market. Beans were mixed between product strength and weakness, but ultimately closed higher on technical chart strength. Minneapolis wheat i...
Technical Views - Only Meal Down
SPREADS August crush trades higher to 1.18c/bu while oilshare moves up to 47.35%. Heading into first notice day, the July/Nov bean inverse falls to 42 1/4c from 51 1/4c, while August/Nov falls to 22c from 29 1/2c. Sep/Dec meal carry trades from $3.10 out to $4.00. July/Dec cor...
PM Post - Recovery Trade
THE OPEN beans: 14 higher meal: .80 lower soyoil: 170 higher corn: 4 higher wheat: 10 higher The markets opened as called and put in further recovery trade from the lows. Soyoil and bean prices rebounded which lent support to corn. Wheat prices were hig...
AM Outlook - Higher Grain and Oilshare
GOOD MORNING, The markets, with the exception of meal, are higher on a combination of pricing, short-covering, and perhaps a bit of bargain hunting heading into the June 30 Acreage / Stock report on Wed at 11:00 central time. Oilshare is bouncing back from Friday headline losses. Th...
Technical Views - Within Ranges
SPREADS August crush trades to 1.11c/bu while oilshare firmer to 36.28%. The expiration of July options dials down open interest tallies. The Jly/Nov bean inverse falls to 57 3/4c from 63c, new lows. Sep/Dec meal carry trades wider to $5.20 from $3.90. July/Dec cor...
Technical Views - Some Soft, Some Strong
SPREADS August crush trades to 1.04c/bu while oilshare is higher as soyoil surges again overnight, trading up to 47.53%. July open interest continues to fall impacting inverses. July/Nov bean inverse trades down to 76c vs. 85 1/2c while July/Dec corn inverse trades down to 1.15 1/2c...