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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 -...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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. ...
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/...
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...
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...
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)...
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...
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...
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...
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. ...
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...
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.&...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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 $...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
AM Outlook - Wide Variables = Wide Ranges
GOOD MORNING, The markets turned around yesterday after ratcheting the trading range lower again on rain and expectations for a bearish June 30 Acreage/Stocks report. Technically speaking, the reversal from the lows was a mild rejection of lower values. Fund selling has taken...
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 - Selling Yields Buying
THE OPEN Nov beans: 30 lower Dec meal: 5.90 lower Dec soyoil: 159 pts lower Dec corn: 14 3/4 lower Dec wheat: 12 1/4 lower Prices opened as called and worked lower on weaker technical considerations with more downside follow-through as sell-stops were triggered in...
Technical Views - Lower Track
SPREADS August crush trades up to 1.04c/bu while oilshare trades up to 46.0%. July/Nov bean spread inverse falls to 79 1/2c from 90c while August /Nov inverse trades from 48 1/2c to 42 1/4c. Sep/Dec meal carry trades weaker from $3.50 out to $4.50. Sep/Dec corn trades in...
AM Outlook - Downside Follow Through
GOOD MORNING, The markets are lower as funds continue to liquidate length on continuing rainfall events over the US. July open interest liquidation adds pressure as well. Funds are now using rallies to work out of bullish positions. While there is talk of drier and warme...
PM Post - Market Sees Better Crops
THE OPEN Beans: Aug. up 1 and Nov down 3 Meal: 2.50 lower Soyoil: 60 pts higher Corn: 5 1/2 lower Wheat: 6 1/4 higher The markets opened as expected with soyoil futures gaining quickly on the rest of the board. Strong oilshare once again attempted to pu...
Technical Views - Up and Down
SPREADS August crush trades to 98c/bu while oilshare trades up to 45.20%. August/ Nov bean inverse trades from 47c up to 54 1/4c. Sep/Dec meal inverse trades into $1.50 carry from $2.60. Sep/Dec corn inverse trades from 13 1/4c to 14 3/4c. Dec wheat/corn trades fro...
AM Outlook - Soyoil Carries the Market
GOOD MORNING, The overnight price action featured another session of strong oilshare and soyoil price action. Soyoil helped beans to find a bid, even as there is speculation that China purchased more bean cargoes on the break as PNW values are firmer. There are also rumors that Chin...
PM Post - Volatility Ahead of Reports
THE OPEN August beans: 3 lower, Nov beans 8 lower August meal: 2.50 lower August soyoil: 17 lower Sep corn: 6 lower, Dec corn 7 lower Dec wheat: steady The markets opened as called with soyoil futures and oilshare taking the lead to the upside, helping once again t...
AM Outlook - Mixed Continues
GOOD MORNING, Prices overnight were mixed as soyoil prices returned to weakness taking beans along for the ride. Grains are mixed led by wheat to the upside, which likely rallies on short-covering. July open interest continues to be liquidated or rolled as we begin to head towards f...
Technical Vies - Breaks and Buys
SPREADS August crush trades to 90.84/cub while oilshare firms to 44.18% from values starting this week at 43.35%. Inverses are firmer with August /Nov beans trading up to 55 3/4c from 50c. Sep/Dec corn inverse trades from 13c up to 16 1/2c. Sep/Dec meal carry narrows into $1.5...
PM Post - Bull Spreading and Short-Covering
THE OPEN Nov beans: 32 lower Dec meal: 5.50 lower Dec soyoil: 140 pts lower Dec corn: 21 1/2 lower Dec wheat: 14 1/2 lower Prices opened on a weaker note with more profit-taking in oilshare which put a floor under meal to start the day. However, on a push into mid-...
Technical Views - Down the Range
SPREADS August crush trades to 92c/bu while oilshare trades to 43.03%. July/Nov bean inverse trades from 83 3/4c to 93 3/4c. Sep/Dec meal trades from $2.70 carry out to $4.00. July/Dec corn inverse trades from 88 3/4c up to 95 3/4c, while Sep/Dec corn inverse trades from 13 1/...
AM Outlook - Bulls Dampened
GOOD MORNING, Prices are lower as a good amount of rain fell across portions of the Midwest recharging soil moisture. The June 30 Stocks/Acreage report will be released at 11:00 central time, with expectations that we are going to see large acreage numbers. Given the recent down-tur...
PM Post - Back Toward Higher Ranges
THE OPEN July beans: 55 higher July meal: 6.30 higher July soyoil: 130 pts higher July corn: 12 higher July wheat: 9 1/2 higher The markets opened higher and remained that way heading into the mid-morning hour. Beans were up the most having been punished the most, while...
Technical Views - Regaining Lost Ground
SPREADS August crush trades to 84c/bu while oilshare trades to 43.62%. Jul/Nov bean inverse trades from 1.04 1/2c down to 75 3/4c. Sep/Dec meal trades from $3.20 carry out to $5.00. July /Dec corn trades from 1.03 1/4c down to 94 1/2c, while Sep/Dec trades from 17c down...
AM Outlook - Post the Sell-Off
GOOD MORNING, The markets are higher after prices reached new monthly lows on a combination of pricing, short-covering, and new buying activity. Commodity selling on more hawkish Fed comments, China liquidating commodity positions, margin calls, a sudden firming US dollar, all converged t...
PM Post - On the Defensive
THE OPEN July beans: 35 lower July meal: 2.30 lower July soyoil: 359 pts lower July corn: 19 lower July wheat: 8 3/4 lower Prices opened under pressure and into short-covering initially, but as the morning wore on funds were noted as sellers of strength, which fina...
AM Outlook - Buffeted by Rumors and Stories
GOOD MORNING, Prices are lower again on technical considerations as beans trend lower following a still weaker soyoil market. Funds were sellers of 16k bean contracts yesterday and 22,000 soyoil, while purchasing 5,000 meal. Rumors and stories are now trending bearish, with the most...
Technical Views - Pushing Lower
SPREADS August crush trades 85c/bu while oilshare trades lower to 43.31%. Bean spreads are firmer with July/Nov trading to 1.12 1/2c from 1.05c, but corn spreads are weaker. July/Dec corn trades from 1.02 1/2c inverse down to 95 3/4c, while Sep/Dec trades from 17c to new lows...
PM Post - As Called, July Corn Supported
THE OPEN July beans: 1 lower July meal: 3.00 higher July soyoil: 99 lower July corn: 7 1/2 higher Dec wheat: 3 3/4 higher The markets owned as expected with beans trending lower on the back of extremely weak vegoil prices. Soyoil prices go lower on the back of sharply lo...
AM Outlook - Shorts, End-Users Lock in Profits
GOOD MORNING, Prices are mixed today with beans into new lows and soyoil weak, but grain prices firming. Shorts and end-users are attempting to lock in profits as funds continue to liquidate a portion of their length. Liquidation could be in part due to the bearishness of the...
Some Lower, Some Higher
SPREADS August crush trades to 94c/bu while oilshare trades to 45.38%. Jul/Nov bean inverse trades from 89c from 1.03c, while Sep/Dec meal carry trades from $3.00 out to $4.20. July/Dec corn trends higher to 98 1/2c from 91 1/4c, while Sep/Dec weakens to 17c from 19 1/4c. Dec...
PM Post - Firmness on Inverses
THE OPEN July beans: 2 higher July meal: 2.20 lower July soyoil: 50 higher July corn: 9 lower July wheat: 21 lower The markets opened as called but later turned defensive once more with prices triggering stops when critical areas of support were breached. Bull-spre...
Technical Views - All over the Board
SPREADS August oilshare is firmer again trading up to 46.29%. Crush trades to 97c/bu. Bull-spreads are firmer this morning. Nov/July beans bounce to 94c from 76 1/4c inverse, while Sep/Dec meal trades into $2.90 carry from $5.30. Sep/Dec corn inverse trades from 16 1/2c...
AM Outlook - Testing Support
GOOD MORNING, Prices are attempting to stabilize after funds sold a decent amount of corn, beans, and soyoil on better chances for rainfall, negative political headlines, and broken trendlines. Soyoil prices are emphatically bouncing back and helping to support beans. Wheat prices s...
PM Post - Not as Long as Before
THE OPEN July beans: 46 lower July meal: 9.50 lower July soyoil: 340 lower July corn: 26 lower July wheat: 21 lower Prices opened lower as expected, hitting low end price targets before seeing some short-covering and stabilizing trade. Oilshare firmed a...
Technical Views - Lower Range
SPREADS August crush trades to 78c/bu while oilshare trades down to 45.23%. Spreads are firmer with the July /Nov bean inverse trading up to 83 3/4c from 70c, and Sep/Dec meal trading from a $5.80 carry out to $7.20. July/Dec corn inverse trades from 76 1/4c low up to 86 1/4c, while...
AM Outlook - Weight on the Market
GOOD MORNING, Prices opened lower and continued the sell-off driven by soyoil's sharply lower price action, as talk circulates that the Biden administration might offer biofuel waivers to refiners and palm oil closed sharply lower once again. The Chinese Ag Minister lowered bean es...
PM Post - Back and Forth
THE OPEN July beans: 10 lower July meal: 1.10 lower July soyoil: 230 pts lower Julu corn: 9 lower July wheat: 7 1/2 lower The markets opened lower and continued to sell-off on weaker technical considerations, more rains across northern portions of the country...
AM Outlook - Report Reverberates
GOOD MORNING, Prices started the night on a steady note but this morning will open lower. Sharply lower soyoil futures are pressuring beans, and prices will begin on key support points. The theme now seems to be liquidation for the day into the weekend, as the report is digested fro...
Technical Views - Retracement
SPREADS August crush trades to 79c/bu while oilshare trades to 46.43%. Today is the last day of the Goldman Roll as July futures wind down. July/Nov bean inverse trades to 84 3/4c but finds some life, trading back up to 96c. Jly/Dec meal widens out to new lows at $12.20 carry...
PM Post - Bean Bulls Must Focus on Bottom Line
THE OPEN July beans: 7 higher July meal: .70 higher July soyoil; 37 higher July corm: 6 higher July wheat: 7 lower The markets opened as called with July corn once again in the lead to the upside with the nearby spread strengthening. As the report time approa...
AM Outlook - Weakness Gets Purchased
GOOD MORNING, Prices are mixed featuring higher soy and corn, lower wheat. Could it be a foreshadowing of themes to come for the day? The June WASDE will be released at 11:00 central time, and after we take a look at the numbers we will be back to watching the weather and prep...
Technical Views - Recovery Trade
SPREADS August crush trades to 87c/bu while oilshare trades to 47.0%. The July/Nov bean inverse falls to new lows of 1.12 1/2c from 1.15 1/4c as Day 4 of the Goldman roll continues. July/Dec meal widens out to an $8.40 carry from $7.20. July/Dec corn inverse trade...
PM Post - Position Leveling
THE OPEN July beans: 8 lower July meal: 2.50 lower July soyoil: 54 lower July corn: 3 lower July wheat: 10 1/4 lower Prices opened lower with more position-evening into the first hour or two of trade. The catalyst for bean trade was sharply lower soyoil, which foll...
Technical Views - Drop
SPREADS August crush trades up to 84c/bu while oilshare prices trades to 46.89%. Spreads are firmer with Jul/Nov bean inverse strengthening up to 1.28 1/4c from 1.22c. July/Dec meal remains at a carry from what was an inverse, trading from $4.00 to $6.00. July/Dec corn inverse trade...
AM Outlook - Positioning Ahead of the Report
GOOD MORNING, Prices opened a touch softer as positioning in front of Thursday's report takes place and the spreads continue to bounce around as Day 3 of the Goldman Roll continues. There was some bull-spreading for spreads as they sit at weekly lows under the pressure of the index roll.&...
PM Post - Higher; Roll Affects Volume
THE OPEN July beans: 9 higher July meal: 2.00 higher July soyoil: 94 higher July corn: 1 higher July wheat: 5 3/4 higher The markets opened higher and quickly tacked on further gains. Bean and wheat prices led the rally based on technical direction and...
AM Outlook - Quality and Weather Support
GOOD MORNING, Trade opens into positive territory to start the PM session, with conditions poorer than expected and hot and dry forecasts continuing in areas where it is hurting crop development the most. Ratings were released that were under trade expectations. Spring wheat acreage ratin...
Technical Views - Good Support
SPREADS August crush trades to 81c/bu while oilshare trades at 46.76%. July/Nov bean spreads firms off lows of 1.17 1/4c, with an inverse high at 1.25 3/4c. July/Dec meal trades from an inverse out to a $5.40 carry from $4.40. July/Dec corn inverse leaks down to 68c from 77 1/...
PM Post - Breaks But Well Supported
THE OPEN July beans: 24 higher July meal: 4.50 higher July soyoil: 120 pts higher July corn: 14 higher July wheat: 6 higher The market opened as called with profit-taking and active index fund rolling taking place. Wheat futures turned lower from higher, having never rea...
AM Outlook - Factors Playing
GOOD MORNING, The markets are higher across the board, with soyoil futures into new ctr highs. Hot and dry weather forecasts verify, sending prices sharply higher, with beans, corn, and meal having upside gap-and-go starts, which is bullish. Corn and bean crops are stressed as weather in...
Technical Views - Up and Up
SPREADS August crush trades to 86.98c/bu while oilshare trades to 46.44%. The official index roll begins today and spreads are weaker. July/Nov bean inverse trades down to 1.39 1/4c from 1.48 1/4c, while July/Dec meal trades from $2.10 inverse to even. July/Dec corn inve...
PM Post - Heated Markets
THE OPEN July beans: 21 higher July meal: 3.40 higher July soyoil: 120 pts higher July corn: 13 1/2 higher July wheat: 8 1/2 higher The markets opened into strength and found upside technical follow-through and new highs as funds returned as market buyers. Oi...
Technical Views - Uptracing
SPREADS August crush trades to 78c/bu while oilshare trades to 45.60%. July/Nov bean inverse drops to 1.43c from 1.49 1/4c, and from highs that were over 2.00c. Jul/Dec meal trades from a small inverse of $1.40 out to small carry. July/Dec corn trades from 95 1/4c to 92c. ...
AM Outlook - Weather Induced Choppiness
GOOD MORNING, Prices started the PM session in the plus column after breaking down from a higher start yesterday. Each different weather prediction seems to exist to show us trading range highs and lows. No doubt that choppy price action equals trading ranges and a halt to upt...
PM Post - Choppy Back and Forth
THE OPEN July beans: 20 higher July meal: 1.40 higher July soyoil: 84 higher July corn 7 higher July weather: 6 higher The markets opened as expected but quickly traded on both sides, this time led lower by soyoil futures where the run-up in prices quickly found a technical co...
Technical Views - Soyoil Continues to Lead
SPREADS August crush trades higher to 45.94% while crush trades to 81c/bu. Spreads are softer in corn, with July/Dec trading down to 1.00 3/4c inverse from 1.04 1/4c. Sep/Dec corn trades down to 19c inverse from 20 1/4c. The trend is turning softer for these inverses. Ju...
AM Outlook - Strong Open, Highs Tested
GOOD MORNING, Prices are higher overnight as funds return as buyers on hot and dry weather conditions and bullish technicals. In the lead are soyoil futures that traded to a new contract high, and once again supports bean trade. Same trade, different day as the soyoil market c...
PM Post - Trading Weather
THE OPEN July beans: 11 higher July meal: stray July soyoil: 140 pts higher July corn: 1 lower July wheat: 2 3/4 higher Big swings continue with the morning features of higher oilshare, higher beans, and lower grains led by corn. July open interest continues...
Technical Views - Mostly Sideways Higher
SPREADS August oilshare trades to 44.82% while crush trades up to 82c/bu. Jly/Nov bean inverse reached a six-week low trading down to 1.45 1/2c. July/Dec meal trades from a $2.80 inverse down to 0.70c carry. July/Dec corn trades from 1.08c inverse to 1.11 3/4c. Sep...
AM Outlook - Mixed Influences = Mixed Markets
GOOD MORNING, Precise are mixed overnight with a better condition rating for corn creating a minor pullback at the start of the PM session. Beans continue to remain firm as the fast pace of corn into the ground could imply there are less bean acres coming for the June 30 Stocks/Acreage re...
PM Post - Highs/Lows Are In
THE OPEN July beans: 27 higher July meal: 5.40 higher July soyoil; 97 higher July corn: 20 3/4 higher July wheat: 18 1/2 higher The board opened into a strong start with many markets across the specontractum in the green, including crude oil, which is typically a baromet...
Technical Views - Readjustment
SPREADS August crush trades at 74.58c/bu while oilshare is 44.12%. Jly/Nov bean inverse drops to 1.53 3/4c from 1.58 3/4c as traders will have to begin the process of liquidating or moving July contracts forward. July/Dec meal trade returns to a $2.10 inverse from a carry last week...
AM Outlook - Rebound
GOOD MORNING, As we move into the month of June, traders will continue to watch weather and demand. Prices regrouped last week after dropping to monthly lows, and the first day of June brings back higher prices and upside technical follow-through. China and the US had more tra...
No Technical Perspectives Today
Due to the Memorial Day holiday, there will be no Technical Perspectives reports today. The next reports will be on Tuesday, 1 June 2021...
PM Post - Stronger than Expected
THE OPEN July beans: 2 higher July meal: 2.00 higher July soyoil: 35 higher July corn: 8 higher July wheat: 10 higher The markets opened stronger than expected with all putting in a good rally led again by soyoil and corn futures on a combination of short-covering, bargain-hun...
AM Outlook - Corn Export Driver
GOOD MORNING, Prices were mixed with the grains firmer vs. the soy complex, but after export sales all rallied into the close. For bulls, the good news is that July and Dec corn are staying afloat at reversal levels of trade. Bull-spreads were weaker this morning but corn spre...
Technical Views - Better Supported
SPREADS August crush trades to 74c/bu while oilshare trades to 44.51%. July/Nov beans traded down to .52 1/4c inverse from 1.59c. July/Dec meal trades from .20 to .90c carry. July/Dec corn trades from 99 1/4c to 1.04 1/4c, closing at 1.02c inverse. Sep/Dec trades from 24...
PM Post - The Close
THE OPEN July beans: 5 lower July meal: 3.00 lower July soyoil: 29 lower July corn: 3 lower July wheat: 10 lower The markets opened as called but weaker technicals continued to invite more profit-taking and still lower values shortly after the open. The difference...
Technical Views - Pressure Remains Downward
SPREADS August crush trades to 77c/bu while oilshare trades to 44.83%. Bean bull spreads are firmer with Jly/Nov trading up to 1.69c from 1.61c. July/Dec meal trades down to $1.20 inverse from $2.80, slide into carry? Sep/Dec corn trades from 28c to 26c, while July/Dec trades...
AM Outlook - Weekend Exit
GOOD MORNING, Prices continue to establish lower trading ranges with soyoil once again the leader to the upside. It is typical that markets will follow the crop progress reports carefully in terms of technical trade, and with corn hitting a fast pace the chatter about larger acreage becom...
PM Post - Everyone Out
THE OPEN: July beans: 8 higher July meal: 1.40 lower July soyoil: 75 higher July corn: 3 1/2 lower July wheat: 2 higher The markets opened as called but the soyoil rally continued, putting a floor under bean trade in the first part of the session. The feature of the morning was that of higher...
Technical Views - CBOT Trying to Find Lows
NOTE: Technical Perspectives from WPI will not be published Friday, May 28, 2021. SPREADS August crush trades at 75c/bu while oilshare declines to 43.87%. July/Nov soybean inverse bounces off 1.60 1/2c to trade to 1.70c, while July/Dec meal inverse congests from $6.30 to $7.60.&...
AM Outlook - Soy Complex Gains on Grains
NOTE: Technical Perspectives from WPI will not be published on May 28, 2021. Good morning - Prices traded higher overnight led by soyoil, which stabilized bean trade. Soybean bull spreads are working again, finding support after Monday's selloff. Morning trends feature beans gai...
PM Post - Weight of Benign Weather
NOTE: LCF will be closed May 28. THE OPEN July beans: 7 3/4 lower July meal: 2.30 lower Juy soyoil: 45 lower Jul corn: 12 lower July wheat: 19 lower The markets opened lower with soyoil prices turning higher after the open. Benign weather forecas...
AM Outlook - Possible Stabilization This Week
GOOD MORNING, Prices were lower overnight as a combination of good weather and poor technical closes created more fund long liquidation. The trend continues into this week. Funds are now putting on more defensive positions as prices continue to ratchet lower. Charts are beginn...
Technical Views - Sell on Rallies
SPREADS August crush atrades to 79.80c/bu while oilshare trades to 43.60%. July/Nov bean inverse firms from its lows of 1.63 1/4c to trades up to 1.72 1/2c. Key resistance for July/NOv is 2.00c. July/Dec meal trades down to $4.80 inverse from $7.90. July/Dec corn trades...
PM Post - Liquidating Length
THE OPEN July beans: 12 lower July meal: 2.20 lower July soyoil: 89 lower July corn: 8 lower July wheat: 6-7 lower The markets opened as called with some spread unwinding. Grains were weaker vs. soy, as oilshare stabilized at the bottom. Ben...
Technical Views - Down She Goes
SPREADS August crush trades to 81c/bu while oil share trades to 43.51%. Bean inverses are weaker with July/Nov trading down to 1.60c from 1.65 3/4. July /Dec meal inverse trades down to $5.60 from $7.60, and from values that were $20.00. July/Dec corn trades down t...
AM Outlook - Taking Profits
GOOD MORNING, Prices started mixed overnight, but mostly on the defensive led by beans and soyoil futures. This morning we are seeing another round of end-of-week profit-taking with bean, meal, and wheat prices all at four-week lows. Bean basis continues to go lower as bids move to Novemb...
PM Post - Grains Firmer; Oilseeds Weaker
THE OPEN July beans: 1 3/4 lower July meal: 2.00 higher July soyoil: 1.40 lower July corn: 3 higher July wheat: 1/4 lower Prices opened as called but the soy complex was defensive at the open led by lower soyoil values. Corn prices found quick support heading...
AM Outlook - Soyoil's Turn to Dip
GOOD MORNING, Prices found early strength at the open on a follow-through comeback for July corn which closed unchanged after opening sharply lower yesterday. However, currently deeper losses in soyoil futures are weighing on beans as traders continue to unwind previous buy soyoil/sell me...
Technical Views - Riding a Lower Range
SPREADS July crush trades to 74c/bu while oilshare trades to 44.52%. The July/Nov bean inverse trades to 1.69c, off the low of 1.66c, and up towards 1.74c. July/Dec meal inverse is weaker trading down to $8.11 from $10.90, and what was closer to $20.00 week ago. July/Dec...
PM Post - Topped Out?
THE OPEN July beans: 26 lower July meal: 1.80 lower July soyoil: 205 pts lower July corn: 6 1/2 lower July wheat: 17 lower The markets opened lower and continued to hit sell-stops which triggered lower trade. Corn continued to find scale down commercial prici...
AM Outlook - Macro Sell-off
GOOD MORNING, Prices were on the defensive once again as the markets continued to leak lower as funds liquidate more length. Would note that outside markets are also lower, including stocks and crude, which weighs on ags and makes this appear to be a macro day of across -the-board selling...
Technical Views - All Lower
SPREADS July crush trades to 82c/bu while oilshare trades to 44.85%. Bean inverses weaken while corn inverses strengthen. Jul/Nov bean spread inverse breaks down to 1.66c from 1.77 1/2c, while July/Dec meal firms from $9.50 to trade up to $11.10 inverse. July/Dec corn inverse...
PM Post - Poor Performance for Soy Complex
THE OPEN July beans: 7 higher July meal: .30 higher July soyil: 84 higher July corn: 9 1/2 higher July wheat: 6 3/4 higher The markets opened as expected with prices turning higher led by July corn as the sale of corn to China supported bullspreads. Soyoil po...
Technical Views - From Low to Higher
SPREADS August crush trades to 96c/bu while oilshare trades t. 443.39%. July oilshare trades to 45.67%. July/Nov beans traded from 1.90 3/4c to 1.95c. July/Dec meal inverse trades down to $14.30 from $15.90. July/Dec corn inverse firm to 1.19 3/4c from 1.14c, while Sep/Dec inv...
AM Outlook - Tuesday's Turnaround
GOOD MORNING, Turn-around Tuesday is here and values are higher on a combination of short-covering, bargain - hunting, and pricing activity. July soyoil posts a new contract high, and bullspreads are higher. The markets are working into sideways trading ranges off the lows as suppor...
PM Post - Rallies Not Holding
THE OPEN July beans: 10 higher July meal: 6.00 higher July soyoil: 20 pts higher July corn: 8 higher July wheat: 4 1/2 lower The markets opened as expected with new contract highs again noted for soyoil contracts which gained on meal. Wheat lost t...
AM Outlook - Mixed Up
GOOD MORNING, Prices will open mixed after all were trading lower at one point during the PM session. July open interest continued to drop, as traders spread into deferred contracts. Soyoil futures posted a new contract high before succumbing to pressure as oilshare sees some...
Technical Views - Wheat Drags on Market
SPREADS August crush trades to 88c/bu while oilshare trades to 43.29%. Bull spreads are rallying again with July/Nov beans trading back to 1.95 1/2c from 1.84 1/4c, while July/Dec meal inverse trades from $20.00 to $18.00. July/Dec corn trades up to 1.08c inverse from 98c. Jul...
PM Post - Still Defending
THE OPEN July beans: 20 higher July meal: 8.30 higher July soyoil: 82 higher July corn: 9 higher July wheat: 20 1/2 higher The markets opened as expected with bean prices continuing to gain on corn. NO doubt that the sell-off spooked many, and that there are...
AM Outlook - Bottom Tested
GOOD MORNING, Funds headed for the exits as charts started to build in resistance leading to selling yesterday, triggering sell-stops. Funds sold 16,000 wheat, 45,000 corn, 30,000 beans, 12,500 meal, and 5000 soyoil. This is the kind of selling that often does lead to a market top,...
Technical Views - Bounce Day
SPREADS July crush trades to 73c/bu while oilshare trades higher to 43.61%. July/Nov bean inverse bounces to 2.00c with a low of 1.84c. July/Dec meal trades from $22.50 down to $18.00. July/Dec corn trades from 1.18 3/4c down to 1.09c. July wheat /corn trades from...
PM Post - Washout
THE OPEN July beans: 20 lower July meal: 6.20 lower July soyoil: 64 lower July corn: 17 lower July wheat: 7 1/2 lower The markets opened in line with trade expectations, but poor export sales and a negative reaction to the report yesterday set a deeper sell-off in motion...
Technical Views - All Going Down
SPREADS July crush trades to 74c/bu while oilshare trades to 42.68%. Inverses remain well supported with July/Nov beans trading to 1.95c to 2.08c. July /Dec meal is weaker trading down to $24.50 from $28.50. July/Dec corn trades from 1.23c down to 1.12 3/4c inverse. July...
AM Outlook - Weather, Stocks and Funds
GOOD MORNING, Prices are lower across the board on profit-taking heading into the weekend. The USDA report has come and gone, and we are left looking at weather, stocks, and funds. The gist of the report was that the USDA was conservative except for Safrinha corn. End-users continue...
PM Post - Mixed Bag
THE OPEN July beans: 19 higher July meal: 1.40 higher July soyoil: 99 higher July corn: 1 higher July wheat: 5 lower The markets opened as called but bean prices traded sharply higher and into new contract highs into the morning trade along with soyoil. Grain...
AM Outlook - WASDE a Reference, Not the Bible
GOOD MORNING, The bulls continue to roll on with more strength overnight emanating from a strong close and reversal from Monday's weakness that more or less aided in defining trading range lows. The May Supply and Demand report will be released at 11:00 central time. The reaction to...
Technical Views - Two Sides of a Report
SPREADS July crush falls to 74.32c/bu while oilshare trades higher to 42.24%. Bull spreads see more strength with Jul/Nov beans trading up to 2.04 3/4, past the prev. high of 2.00c. July /Dec meal trades to a new high of $29.60 inverse from $25.70. July/Dec corn trades to a hi...
PM Post - Air in the Market but Bottom Found
THE OPEN July beans: 10 higher July meal: 6.20 higher July soyoil: 13 lower Jul corn: 12 higher July wheat: 10 higher The markets opened as expected but buying came flooding back to the markets as funds appeared to buy back what they liquidated yesterday.&nbs...
Technical Views - Mostly Higher
SPREADS July crush is trading at 84.58c/bu while oilshare trades to 41.69% as it continues to correct. July /Nov bean spread bounces back to 1.81 3/4c from 1.73 1/2c and closes at the highs. Would look for further strength. Jly/Dec corn trades up to 1.09c from a...
AM Outlook - Bears versus Bulls
GOOD MORNING, After remaining mostly steadfast in their fund positions over the last few weeks, the funds finally decided to liquidate a portion of their positions heading into the Wed. USDA report at 11:00 central time yesterday. After a lower start to the evening, prices worked back hig...
PM Post - Healthy Consolidation
THE OPEN July beans: 1 lower July meal: .80 lower July soyoil: 14 lower July corn: 5 lower July wheat: 15 lower Prices opened as expected with more selling in wheat futures and oilshare. Better weekend weather and a very important May 12 USD...
Technical Views - Some Higher, Some Lower
SPREADS July crush trades to 88.94c/bu while oilshare trades to 42.18%. Spreads are higher this morning with July/Nov bean inverse firming to 1.65c from 1.56c, while July /Dec meal trades to $23.60 from PM lows of $21.30. July/Dec corn strengthens to 1.05 3/4c after selling of...
AM Outlook - Correction Mode
GOOD MORNING, The overnight markets were in correction mode for the PM session, led by wheat as better weekend rains were noted. The markets closed mixed, and spreads are firming again. The markets remain in technically driven mode and still have the fundamentals to back a bul...
PM Post - Fire Sells the Fact
THE OPEN July beans: 7 higher July meal: 3.20 higher July soyoil: 84 higher July corn: 7 1/2 higher July wheat: 11 higher The market opened as expected with profit-taking in front of a mostly clear planting window, and the need to alleviate very overbought market extremes.&nbs...
Technical Views - Higher But Could Waffle
SPREADS July crush trades to 86c/bu while oilshare trades to 43.09%. July /NOv bean inverse falls to 1.52 3/4c from 1.60 1/2c while July/Dec meal trades from $20.80 invest to $18.20. Jul/Dec coron trades down to 87 1/4c from 97 1/2c as money flow continues to come into the Dec...
AM Outlook - Fundamentals versus RSI's
GOOD MORNING, Overnight prices were once again higher on technical follow-through to the upside of new contract highs. Wheat and meal remain the exception as they continue to move in a large sideways chop. New money continues to pour into the market on adverse weather and market hyp...
PM Post - Revealing Charts and Price Action
THE OPEN July beans: 17 higher July meal: 3.30 higher July soyoil: 1.13 higher July corn: 3 1/2 higher July wheat: 7 lower The markets opened as expected with profit-taking initially. New buying is flowing into the Dec corn and Nov bean contracts, as open interest...
Technical Views - Mostly Well Supported
SPREADS July oilshare trades to 43.05% while crush trades up to 92c/bu. Spreads recover after selling off to some lows for beans with Jly/Nov trading from 1.54 1/4c to 1.70c. July/Dec meal trades up to $23.50 from $19.60. Corn spreads weaken with July/Dec inverse trading down...
AM Outlook - Brazil Drought Effects
GOOD MORNING, Prices will open mixed with weaker wheat against strength elsewhere on the board. This has become a technically driven market as prices make new highs in corn hitting upper targets. Dec. corn is now over $6.00 and July corn over $7.00. The drought in Brazil is th...
PM Post - Buying on Breaks
THE OPEN July beans: 10 higher Julu meal: 2.00 higher July soyoil: 34 higher July corn: 1 lower July wheat: 1 higher The markets opened as called with the cancellation of corn to China taking some steam out of initial trade, which created a bit of profit-taking in...
Technical Views - Corn Overbought
SPREADS July crush improves to 90c/bu while oilshare trades to 42.99%. Inverses have come down a touch, led by corn. July/Dec corn inverse traded to a high of 1.24c, but today trades from 1.19 1/2c down to 1.12c. May/July corn trades from 51c inverse down to 47 3/4c. Jul...
AM Outlook - Lots of Support
GOOD MORNING, Funds continue to buy the market and are now long an estimated 180K beans, 50K meal, 106K soyoil, 390K corn, and even wheat. On May 12 we get the next USDA Supply and Demand report, which updates US and world 2021 corn and bean numbers, and gives our first stats of 21/...
PM Post - Good Buying Activity
THE OPEN July beans: 17 higher July meal: 4.90 higher July soyoil: 92 higher July corn: 14 higher July wheat: 8 3/4 higher The open was met with good buying activity allowing both soyoil and corn to place new contract highs. Hedging was less as many are still...
AM Outlook - Bouncing Back
GOOD MORNING, Prices are higher in the PM session after yesterday's defensive price action. Much of the world was closed Monday with others out till Wednesday. World cash markets remain firm. Farmer selling remains above the market, and end-user pricing below, whic...
Technical Views - Sideways Upswing
SPREADS July crush trades to 83.30c/bu while oilshare is at 43.25%. July /Nov beans find support at 1.77c with a rally back to 1.83c. May/July bean inverse trends higher to 38 3/4c from 37 1/2c. July /Dec meal corn inverse has a current high at 1.24c, but the 1.15c level looks...
PM Post - Profits, Technical Selling
THE OPEN July beans: 18 higher July meal: 2.50 lower July soyoil: 2.10 higher July corn: 20 3/4 higher July wheat: 7 3/4 higher The markets opened as expected but also found better hedge selling and profit-taking at new contract highs. It seemed to be the mis...
Technical Views - Strong, Not So Strong
SPREADS July crush trades to 91.92c/bu while oilshare jumps to 43.14%. July/Nov beans posts a new high at 2.00c with a low of 1.89 1/2c, while May/July inverts to 40 1/4c from 35 1/4c. July/Dec meal inverse weakens to $20.90 after posting a new high of $25.80. July/Dec corn tr...
AM Outlook - Friendly in Nature
GOOD MORNING, Prices are higher across the board on technical follow-through from Friday's strong day of trade, with opening gaps in every market except meal. July and Dec corn have break-away gaps in the night session as new contract highs are posted. May corn posts new contr...
PM Post - Spreads = Tale of Two Markets
THE OPEN July beans: 9 lower July meal: 3.80 lower July soyoil: 57 lower July corn: 1/ higher July wheat: 9 1/2 lower The markets opened as called with the feature of the morning that of higher values in corn as funds purchase the open. Corn strength su...
Technical Views - Downside profit-taking
SPREADS July crush trades down to 83c/bu while oilshare trades at 41.58%. Spreads are weaker with deliveries, with May/July beans trading to an inverse of 32c from 40 3/4c, and July/Nov trading down to 1.79c from 1.84 1/4c. July/Dec meal trades from $22.60 down to $20.70 inverse.&nb...
AM Outlook - Caution and Profit-taking
GOOD MORNING, Prices are leaning lower in the overnight session as the much talked about first notice day is here. Soyoil and beans traded lower into delivery, which were a bit heavier than expected for the soy complex. Beans saw pressure from lower soyoil yesterday where May...
PM Post - Not the Top
THE OPEN July beans: 9 higher July meal: .20 lower July soyoil: 64 higher July corn: 3 3/4 higher July wheat: 1 3/4 lower The markets opened as called but quickly traded both sides of unchanged. Soyoil futures traded sharply lower led by May, which found the...
AM Outlook - New Positions
GOOD MORNING, The mission of the market is now to define trading ranges from our new ctr highs heading into the summer. Increased talk of increased US imports weighs on prices, while weather appears to offer up a more moderate outlook. There is chatter that South American bean and m...
Technical Views - Support for Higher Values
SPREADS July crush trades to 84c/bu while oilshare trades higher to 42.25%. Spreads remain strong with July/Nov beans closing at the highs of 1.95 1/2c inverse, though May/July trades from 49c down to 39c as we head into first notice day. July/Dec corn inverse remains firm trading f...
PM Post - Bulls Get Technical
THE OPEN July beans: 9 lower Jul meal: .20 lower Jly soyoil: 93 lower July corn: 12 lower July wheat: 16 lower The markets started the day lower but quickly found end-users, short-covering, and bargain hunters looking to own this pullback. Spreads were extremely fi...
AM Outlook - Correction Over?
GOOD MORNING, Prices saw down-side follow-through overnight following the sell-off yesterday. Is the panic buying over? We are approaching first notice day, and ideas are floating that prices reached their highs on short-covering and margin calls given how high the markets wer...
Technical Views - Defining New Bottom
SPREADS July crush trades to 83c/bu while oilshare trades to 41.10%. Spreads remain firm with July/Nov trading up to 1.85 1/2c from 1.73 1/2c. The May/July bean inverse trades to 36c highs from 30c July /Dec meal inverts to a $23.10 high from $18.60. May/July...
PM Post - Coverage and Profits
THE OPEN July beans: 2 higher July meal: 2.40 lower July soyoil: 1.40 higher July corn; 2 higher July wheat: 3 higher The markets opened as called with two-sided trade as end-users sought coverage on weakness and bulls decided to book some profits. Oilshare continu...
Technical Views - Over-extension
SPREADS July crush trades up to 91.39c/bu while oil share trades to new highs of 42.29%. Jul/Dec corn inverse trades up to 97c, new highs, from 90 1/2c, while May/July trades to 41c from 26 3/4c. July/Nov bean inverse trades up to 1.91c from 1.66 3/4c, big moves overnight. Jul...
AM Outlook - High RSI's
GOOD MORNING, New highs were again posted for some of the markets. May beans trades over $16.00, while May corn trades over $7.00. Corn prices are now at 8-year highs, while wheat is at its highest level since Feb. 2013. End-users scrambling in the market to secure suppl...
PM Post - Higher and Sometimes Overbought
THE OPEN July beans: 15 higher July meal: 3.50p higher July soyoil: 38 higher July corn: 22 higher July wheat: 21 higher The markets opened higher than expected with corn, wheat and beans posting new contract highs. Profit-taking was later noted f...
Technical Views - Heading Upward
SPREADS July crush trades at 69.52c /bu while oilshare trades down to 40.99%. Spreads remain firm with July/NOv inverse from 1.84 1/2c down to 1.72 3/4c. May/July beans inverts to a 26c higher from 23 3/4c. July/Dec meal trades from $19.70 down to $19.50, while May/July...
AM Outlook - Same Bullish Story
GOOD MORNING, Prices trade to new contract highs across the board once again, (except for meal), as Brazil remains dry, weather in the US remains problematic, and technicals remain bullish. Same story, different day, as commodity prices continue to soar. Concerns remain that...
PM Post - Profits Before Weekend
THE OPEN July beans: 3 1/2 lower July meal: 2.50 lower July soyoil: 5 lower July corn: 5 lower July wheat: 1/2 lower The markets opened on a mixed note with prices turning both sides of even after a defensive PM session start. The corn sales announcements wer...
Technical Views - Pausing to Profit and Digest
SPREADS July crush trades to 68.20c/bu while oilshare trades up to 41.0%. Spreads remain firm with July/Nov bean inverse trading up to 1.81 1/2c from 1.73 1/2c, while July /Dec corn trades from 82 1/4c from 74 3/4c. July wheat/corn trades from 85c down to 80c. PALM OIL J...
AM Outlook - Weather, Fundamentals, Macros
GOOD MORNING, It's a weather story, it's a fundamental story, it's a macro story. In bear markets, all the news is bad news, and in bull markets each story becomes a friendly one. The renewable biodiesel story sent soyoil futures on its dramatic price rise yesterday, com...
PM Post - Pricing Ideas Raised
THE OPEN July beans: 18 higher July meal: 1.50 higher July soyoil: 139 pts higher July corn: 7 higher July wheat: 4 higher Prices opened higher and once again it was the soyoil market that caught fire and traded up, spurring on a higher bean trade. Corn prices foll...
AM Outlook - Funds Push Higher
GOOD MORNING, Prices overnight continued strong and posted several more contract highs. Funds were adding to long positions in a big way yesterday, and when that happens the expectations are for much higher prices to emerge. Funds could be long an estimated and record 430K corn now,...
Technical Views - Higher in Range
SPREADS July crush trades to 64.80c/bu while oilshare trades to 40.93%. Jly/Dec corn trades above 70c to 75c inverse, and pullbacks could continue to see buying interest for further highs. Jul/Nov bean inverse trades up to 1.78c from 1.68 1/2c in strong tech action. July /Dec...
PM Post - The Close
THE OPEN July beans: 2 lower July meal: 3.00 lower July soyoil: 33 higher July corn: 3 lower July wheat: 3 lower The markets were wobbly overnight but quickly found their footings to climb to new contract highs once again. Oilshare was much higher...
Technical Views - Mixed on Adjustments
SPREADS July crush trades to 61.87c/bu while oilshare values trades higher to 40.24%. Bean spreads are firmer with July/Nov trading up to 1.63 3/4c from 1.58 1/4c. Meal spreads weaken with the inverse trading from $17.00 down to $15.30. July/Dec corn inverse trades up to 68c f...
AM Outlook - Potential Reversal Trade
GOOD MORNING, Corn and bean prices set new contract highs again overnight before seeing some morning profit-taking. Soyoil futures also set new contract highs, as the uptrend continues. US weather will remain cool and wet after delivering snow -showers across the Midwest yesterday.&...
PM Post - Ongoing Premium
THE OPEN July beans: 21 higher July meal: 4.90 higher July soyoil: 180 pts higher July corn: 6 higher July wheat: 7 3/4 higher Prices opened and quickly escalated to the upside. Beans and soyoil quickly post new contract highs. Funds were buying out of the gate on...
Technical Views - Continuing Trend
SPREADS July crush trades to 61.51c, while oilshare trades to 39.85%. Spreads firm with Jul/Nov bean inverse strengthening up to 1.62 1/2c from 1.53c, while May/July trades to 15c from 13 1/2c. July/Dec corn firms to 64c from 60c, while May/July inverts to 12 1/4c from 11 3/4c...
AM Outlook - Another Firm Day
GOOD MORNING, Prices trend higher on dryness in SA and cold weather extremes in the US. When bull markets begin a break-out to the upside buying activity can be consistent and persistent as funds want to own strength for a leg up. So it goes with corn, which posts another new contra...
PM Post - Good Uptrends
THE OPEN May beans: 8 higher May meal: 2.20 higher May soyoil: 25 lower May corn: 8 higher May wheat: 1 3/4 higher The markets opened as expected with more weakness in soyoil on profit-taking in oilshare, as the markets maintained their strength throughout the day...
Technical Views - Well Supported
SPREADS July crush trades to 61.80c/bu while oilshare trades to 39.85%. Bean spreads continue firm with July/NOv trading up to 1.54c from 1.48 1/4c, while May/July trades from inverse of 12c down to 10 1/2c. July/Dec meal trades from $16.70 inverse down to $13.50. Jul/De...
AM Outlook - Lot of Moving Parts
GOOD MORNING, Overnight highlights included a rallying corn market and new contract highs in canola futures. Dec. corn trades to new contract highs as funds are long, domestic basis is strong (South Dakota basis has rallied 27c in the past month), and weather in the US is too cold, which...
PM Post - Some Tops, Some Not
THE OPEN May beans: 6 1/2 higher May meal .80 lower May soyoil: 85 higher May corn: 2 higher May weather: 5 higher The markets opened as called with the soy complex gaining on grains as the ratio correction further. Since the April report, corn has gained on...
AM Outlook - Firmer Values
GOOD MORNING, Values are firmer across the board, except for meal, as global demand continues to improve. Ocean freight, a barometer of overall demand and economic health, was 41% higher as of April 8 from the Gulf to Japan vs. the start of the year, according to Farm Policy. Inflat...
Technical Views - Only Soft Meal
SPREADS July crush trades up to 64.02c/bu while oilshare trades higher, recovering losses to trade up to 39.52%. July/Nov bean inverse trades higher to 1.44 3/4c from 1.42c, while May/July trades up to 8c inverse from 7 1/4c. July/Dec meal inverse softens to $13.50 from $15.50...
PM Post - Correcting Back to Beans
THE OPEN May beans: 6 1/2 higher May meal: 1.50 higher May soyoil: 45 higher May corn: 2 1/4 higher May wheat: 1 lower The markets opened lower and found some profit-taking for grains, while bean prices traded higher. The corn/bean ratio has been skewed...
Technical Views - Upramp
SPREADS July crush trades to 59.35c/bu, while oilshare trades firmer to 39.31%. Spreads are firmer with July /Nov beans trading from 1.38 1/4c to 1.42c. May/July beans trades from 8c inverse up to 8 3/4c. July/Dec meal trades from $11.00 inverse closing at $12.10. May/Ju...
AM Outlook - Strengthening Uptrends
GOOD MORNING, Corn prices continue to roll on to the upside with new contract highs, with May over the $6.00 benchmark. Corn futures follow higher Dalian and Matif corn, which were up 1% this AM. Higher prices are on the back of extremely cold temperatures which may slow germi...
PM Post - Fresh Money Flows
THE OPEN May beans: 8 higher May meal: .70 higher May soyoil: 35 higher May corn: 8 1/2 higher May wheat: 11 higher The markets opened as called with wheat prices putting in sharply higher trade on the back of concerning global weather and higher Matif prices. Fund...
AM Outlook - Externals, Tightness
GOOD MORNING, Inflation talk propped up prices yesterday as new money flows into commodities in general, with inflows into ags as well. Dec. corn continued to find chart-based buying and placing new contract highs, while oil share continues to firm as well. Soyoil values...
Technical Views - Higher to Sideways
SPREADS Today is day 5 of the Goldman Roll. July corn, meal, soyoil, wheat and bean futures now have higher open interest than in May contracts, as futures are rolled forward. July corn open interest now stands as the highest at 606,557, (May corn at 425,396 contracts). ...
PM Post - Fluctuating Weak/Strong
THE OPEN May beans: 6 1/2 higher May soyoil: 81 higher May meal; .40 lower May corn: 3 3/4 higher May wheat: 6 1/2 higher The markets opened as called with more technical buying sending corn prices to new contract highs for the December contract, while oilshare jum...
Technical Views - Retracing
SPREADS July crush trades higher to 61.63c/bu while oilshare trades to 38.41%. The July/Nov bean inverse weakens to 1.26 1/4c vs. 1.31c, while May/July bean inverse trades down to 3 1/4c from 3 3/4c. May/July meal carries trades from lows of $4.10 to $4.40. July/Dec corn...
AM Outlook - Bounce Back
GOOD MORNING, Prices are set for turn-around Tuesday as we open into the green except for meal. May contracts continue to liquidate as we enter day 4 of the Goldman Roll. Oilshare finds new life overnight, and beans actually firm against corn for a change. December corn contin...
PM Post - Cashing Out
THE OPEN May beans: 7 lower May meal: 1.30 lower May soyoil: 64 lower May corn: 1/2 lower May wheat: 10 lower The markets opened lower and were under pressure immediately as fund selling triggered sell-stops in all the markets. The fact that funds were...
Technical Views - Mostly Trading Lower
SPREADS July crush trades to 54,39c/bu while oilshare trades to 38.23%. July /Nov bean inverse weakens to 1.30 1/2c from 1.38 1/2c, while May/July trades from a new low of 4 3/4c to 6c. May/July meal trades out to new lows of 4.40 carry from $4.20, while July/Dec inverse falls to $1...
AM Outlook - Sliding But Firm on Pullbacks
GOOD MORNING, Prices are mostly lower this morning as the soy complex sells off due to weaker soyoil prices, and profit-taking in oilshare. Wheat is lower as Russia's IKAR increased 2021 wheat production to 81.0 mmt, vs. 79.8 mmt prev. Beans are lower reacting to larger Brazilian be...
PM Post - Corn Supported; Soy Holds
THE OPEN May beans: 1 lower May meal: 1.40 higher May soyoil: 35 lower May corna; 2 1/2 higher May wheat: 5 1/2 higher The markets opened as expected with further gains in wheat on short-covering. Wheat prices corrected sharply after trading above moving aver...
AM Outlook - Report Day!
GOOD MORNING, Report day! At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices. Funds seemed to be onto something yesterday, with corn prices accelerating from the start of the day. As mentioned before, fund buying would...
Technical Views - Bull Flags, Ascending Triangles
SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%. Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, while May/July inverse trades from 5-6c. July/Dec meal trades from $18.00 inverse to $16.10, while May/July trades from $3.40 out to $3...
PM Post - Buying Ahead
THE OPEN May beans: 2 lower May meal: 1.20 lower May soyoil: 5 lower May corn: 6 3/4 higher May wheat: 7 3/4 higher The markets opened as called with a sharp rally in corn leading the way higher for other markets to do much the same. Wheat futures ran more shorts o...
Technical Views - Grain Strength
SPREADS July crush trades up to 61.86c/bu while oilshare trades to 38.33%. Goldman Roll begins today. May/July bean inverse trades down to 5 1/4c from 6 1/4c while July/Nov trades from 1.30 1/2c to 1.35 1/2c. May/July corn trades from 15 1/4c down to 14 1/4c, while July/Dec tr...
AM Outlook - Grains Firmer; Oilseeds Weaker
GOOD MORNING, Prices continue to slip into trading ranges in front of the April 9 WASDE report. Sharply lower soyoil futures were the key to soy complex weakness yesterday, with one wire talking about a hedge fund selling out its soyoil length in front of Friday's report. Soyo...
PM Post - Timing the Next Climb
THE OPEN May beans: 4 1/2 higher May meal: 1.00 higher May soyoil: 4 higher May corn: 2 3/4 higher May wheat: 1/4 lower Prices opened as called but a shake-out in oilshare pressured bean prices. Corn gained on beans and wheat found a short-covering bounce int...
AM Outlook - Air of Caution
GOOD MORNING, The markets continue to adjust into Friday's WASDE report, which is typically not a market maker. Prices are mostly firm this morning proceeding still with an air of caution. On the bear side for beans are China's crushing margins, which are weaker, and slows dem...
Technical Views - Within Ranges
SPREADS July crush trades to 59.29c/bu while oilshare trades to 38.80%. The July/Nov bean inverse trades to 1.40 3/4c from 1.46 3/4c, while May/July trades down to 6 3/4c from 8 1/2c. July/Dec meal trades from $18.10 to $19.50. July/Dec corn trades from 58c to 60 1/4c, w...
PM Post - Corrections to Downside are Over
THE OPEN May beans: 15 higher May meal: 3.40 higher May soyoil: 1.08 pts higher May corn: 6 higher May wheat: 4 1/4 higher The markets opened as called with trends continuing to show stronger oilshare values and higher bean trade. Inverses strengthened today...
Technicals - Pre-Report Positioning
SPREADS July oilshare rises to 38.65% and crush trades up to 59c/bu. Spreads are firmer with July/Nov trading up to 1.44 1/2c from 1.36 1/2c, and May/July bean inverse trading up to 7 1/2c from 5 1/4c. July/Dec meal inverse strengthens to $17.30 from $12.50 lows. July/Dec corn...
AM Outlook - Firmer Day
GOOD MORNING, Prices remain well bid overnight with higher oilshare again dominating price action and beans climbing over corn. Crush continues to struggle, with oilshare still supported on biofuel demand. Spreads and flat price all recover in overnight action. Wheat is...
PM Post - Cautious Air
THE OPEN May beans: 13 1/4 higher May meal: 5.00 higher soyoil: 67 higher May corn: 1 higher May wheat: 5 higher Prices opened as expected with a cautious air from opening values given excellent planting weather for the month of April. May corn collapses, tra...
Technical Views - Generally Higher
SPREADS July crush trades to 67c/bu while oilshare trades at 38.0%. The Jly/Nov bean inverse weakens to 1.26 1/2c from 1.38c, while May/July trades down to 4 1/4c from 5 3/4c. July/Dec meal trades down to $14.30 from $15.30. July/Dec corn trades down to 52 3/4c from 55 1...
AM Outlook - Post-Holiday Adjustments
GOOD MORNING, Prices were mostly higher overnight taking back losses from Thursday's holiday shortened session. Funds are still holding long positions across the board, and were rewarded for their patience via the bullish USDA report. Weather is not bullish, as warm and dry conditio...
No Technical Perspectives Today; Ag Perspectives will Publish as Usual
Technical Perspectives will resume on April 5...
PM Post - Skepticism But Must Be Traded
THE OPEN May beans: 8 higher May meal: .30 higher May soyoil: 1.25 higher May corn: 3/4 lower May wheat: 2 lower The markets opened as called with the soy complex rebounding off its low pulling corn higher. Wheat futures continued lower as funds sold as a hed...
Technical Views - Firm on New Lows
SPREADS July crush firms back to 58c/bu while crush trades to 38.10%. July /Nov beans inverse trades from 1.70 1/4c up to 1.75 1/2c, while May/July congests from 8 1/2c to 10c. July/Dec corn trades from 70 1/4c inverse to 67 1/2c, while May/July firms to 17 1/4c from 16c...
AM Outlook - Liquidation Yesterday, Reports Today
GOOD MORNING, The market's losses yesterday found many looking for an explanation. With fundamentals not changing much, would have to consider that the break on the board was actually an across the day commodity selling event. Not only were Ags lower, but so were many other commodit...
PM Post - Busting Through Support Lines
THE OPEN May beans: 9 lower May meal: .70 higher May soyoil: 80 lower May corn: 1 lower May wheat: 3 3/4 lower Prices opened lower with more liquidation into the report tomorrow. The higher US dollar and the slower demand pace from China, along with a b...
Technical Views - Meal's Day
SPREADS July crush trades to 52c/bu while oilshare sits at 38.31%. Nov/Jul bean inverse continues to weaken, trading down to 1.75 1/2c from 1.82 1/4c, while May/July trades from 8 1/4c to 7 1/4c. JulyDec meal inverse trades down to $28.50 from $30.50. May/July corn inverse tra...
AM Outlook - Bottom of Ranges Ahead of Tomorrow
GOOD MORNING, Prices continue to leak lower as more funds sell the market in front of the March 31 Stocks/Acreage report. With everyone in the same boat, (funds long everything but wheat), the only question is whether tomorrow’s numbers force changes to these positions. ...
PM Post - Soyoil Exception
THE OPEN May beans: 4 1/2 lower May meal: 4.50 lower May soyoil: 12 higher May corn: 5 1/2 lower May wheat: 1 1/4 lower Prices opened as expected but turned softer as the US dollar gained in strength. Beans and meal dropped lower against higher soyoil, pushin...
Technical Views - Variable and Light
SPREADS July crush falls lower to 47.88c/bu while oilshare trades to 38.47% from values that were over 40%. July/Nov bean inverse is softer, closing on the low of 1.78 1/4c from 1.84 3/4c. May/July bean inverse trades from 9 1/2c to close at 8 1/2c. July/Dec corn trades from 7...
AM Outlok - Positions Set for Wednesday
GOOD MORNING, Prices are mixed as we head into the Planting Intentions/March1 stocks on Wed at 11:00 central time. Meal struggles against soyoil futures, while most of the markets remain on the defensive as all head into this major report long. Oilshare finds some stability as crude...
PM Post - Lower Level Trades for Profit-taking
THE OPEN May beans: 1/2 lower May meal: 3.30 lower May soyoil: 30 higher May corn: 1/4 higher May wheat: 2 lower The markets opened as called though prices quickly were lower for soyoil and beans. Traders were noted early buyers of corn/sellers of wheat, whil...
AM Outlook - Lots of Moving Parts
GOOD MORNING, Macro events continue to play out in the Ag space, as weaker crude impacts soyoil, which locked limit -down, plus more cases of coronavirus popping up in the US. The US dollar trades higher as traders unwind prev. buy energies/sell soyoil. End of month and quarter take...
Technical Views - Mixed Positioning
SPREADS July crush trades to 57.68c/bu while oilshare trades to 39.34%. July/Nov beans trades from 1.90c to 1.87 3/4c, while May/July trades from 11 1/4c down to 9c. July/Dec meal trades down to $31.40 from $33.00. May/July corn weakens to 13 1/4c inverse from 14 1/4c, and hig...
PM Post - Sharper Sell-off
THE OPEN May beans: 11 3/4 lower May meal: 1.00 lower May soyoil: 82 lower May corn: 5 lower May wheat: 8 3/4 low The markets opened as expected with meal prices turning higher on the day as traders booked profits on oilshare. Soyoil charts traded downward as...
AM Outlook - Defensive on Low Volume
GOOD MORNING, Prices were on the defensive overnight, as volumes remain light and new inputs quiet. Soyoil futures congest though finds pressure from lower energies. Corn prices continue lower with weaker wheat setting the stage for lower trade. Chicago and KC wheat each drift...
Technical Views - Downward
SPREADS July crush trades down to 60c/bu while oilshare sits at 40.19%. Spreads are a touch weaker today as funds book profits. July/Nov bean inverse trades to 1.89 1/4c from 1.92 1/2c, though the May/July inverse trades higher to 12 1/2c from 11 3/4c. July/Dec meal trades fro...
PM Post - Upside Soyoil, Downside Wheat
THE OPEN May beans: 4 higher Ma meal: 2.20 lower May soyoil: 31 lower May corn: 1/2 lower May wheat: 4 lower The markets opened as called with wheat prices lower weighing on corn, and beans steady to better. Soyoil futures turned higher following a firmer cru...
Technical Views - Beans/Meal Lead
SPREADS July crush trades 58c/bu while oilshare trades to 39.99%. Bean spreads are firmer with July/Nov trading from 1.85 3/4c to 1.92 1/2c. May/July bean spread trades down to 10 3/4c inverse to 12 1/4c. July/Dec meal falls to $27.70 inverse from $30.60. July/Dec corn i...
AM Outlook - Beans Lead Corn
GOOD MORNING, Prices are mixed overnight with grains weaker vs. firmer soy complex values. Soyoil tracks a lower Asian palm oil trade, as the market enters into a correction phase. Beans remain firm vs. corn as farmers try to head into the fields to begin planting. Since Feb. there...
PM Post - Sideways with Wheat Lower
THE OPEN May beans: 3/4 higher May meal: 1.80 higher May soyoil: 69 higher May corn: 1 higher May wheat: 3 1/2 lower Prices opened as expected with solid gains in the soy complex that worked to put a floor under grains. This also found short-covering as well...
Technical Views - Beans Push for Acres
SPREADS July oilshare trades to 40.21% with crush at 64c/bu. July/Nov bean inverse trades to 1.92c, but closes at 1.86 1/4c. May/July bean inverse trades up to 15c from 13 3/4c. July/Dec meal inverse trades down to $28.60 from $31.10. May/July corn inverse remains firm a...
AM Outlook - Weak Wheat; Soyoil Overbought
GOOD MORNING, The main feature in the night session was that of surging soyoil, supported by continuing higher prices in neighboring vegoils like palm and canola. Soyoil continues to see strength due to surging world vegoil values, tight global supply, and chatter that the US may use soyoil for...
PM Post - Soyoil on a Tear
THE OPEN May beans: 1/2 higher May meal: 3.30 lower May soyoil: 49 higher May corn: 4 1/4 lower May wheat: 3 1/2 lower The early feature of the day was that of higher oilshare, with soyoil futures trading higher despite weakness across the rest of the board. ...
Technical Views - Sideways to Lower
SPREADS July crush trades to 61c/bu while oilshare trades to 39.11%. July/Nov bean inverse firms to 1.88 3/4c from 1.82 3/4c, while May/Jul inverse trends down to 12 1/2c from 13 3/4c. July /Dec meal trades from $34.90 inverse from $32.60. July/Dec corn trades from 68 1/4c dow...
AM Outlook - Defensive or Mixed
GOOD MORNING, Prices started the night on the defensive, with wheat at trading range lows and other markets in recent ranges. Wheat is lower as world values are trending weaker, and Egypt continues to state that its strategic reserves are enough to last through the end of June. Egyp...
PM Post - March Winds and Choppy Trade
THE OPEN May beans: 6 higher May meal: .90 higher May soyoil: 11 lower May corn: 3 1/2 higher May wheat: 1 lower The markets opened as called with the soy complex entering into still higher trade. The sale of corn to China makes it nearly 4 mmt that they have...
AM Outlook - Mixed on Macro Impacts
GOOD MORNING, Prices begin mixed, lower wheat and soyoil vs. firmness elsewhere. The macro impact on the market continues as a weaker energy price, namely crude oil, fuels a sell-off in the soyoil market and provides a needed correction in oilshare. That correction continued overnig...
Technical Views - Sideways Weaker
SPREADS July/Nov bean inverse trades from 1.78 1/4c down to 1.73 1/2c, while May/July trades from 11 3/4c to 13c. July/Dec meal trades from $30.60 inverse down to 11 3/4c. May wheat/corn trades from 86c down to 82c, with target lows at 60c. May/July corn trades to 17c inverse...
PM Post - Early Strength Faded to Profit-taking
THE OPEN May beans: 7 lower May meal: 2.30 lower May soyoil: 67 lower May corn: 3 1/4 lower May wheat: 6 1/2 lower The markets opened as called with grains breaking down led by wheat. Soyoil held on to morning lows which allowed beans to firm, while meal also held...
Technical Views - Headed to the Bottom
SPREADS July crush trades to 57c/bu while oilshare trades to 29.25% in correction mode. July wheat/corn trends lower, placing a trade at 88c from 96c. The trend of this spread is lower targeting 50c. May/July corn trades from 13 3/4c down to 11 1/2c, while July/Nov inverse tra...
AM Outlook - Trapped Sideways
GOOD MORNING, The markets are breaking down to new lows as rains spread across Argentina and funds begin to tire of markets that fail on higher trends. Prices chop back and forth each day, while stronger nearby futures invite more bull-spread activity. The bean and corn basis remain...
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...
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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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 -...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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...
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...
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. ...
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/...
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...
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...
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)...
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...
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...
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...
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. ...
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...
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.&...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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. ...
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...
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...
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...
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...
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 $...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
AM Outlook - Wide Variables = Wide Ranges
GOOD MORNING, The markets turned around yesterday after ratcheting the trading range lower again on rain and expectations for a bearish June 30 Acreage/Stocks report. Technically speaking, the reversal from the lows was a mild rejection of lower values. Fund selling has taken...
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 - Selling Yields Buying
THE OPEN Nov beans: 30 lower Dec meal: 5.90 lower Dec soyoil: 159 pts lower Dec corn: 14 3/4 lower Dec wheat: 12 1/4 lower Prices opened as called and worked lower on weaker technical considerations with more downside follow-through as sell-stops were triggered in...
Technical Views - Lower Track
SPREADS August crush trades up to 1.04c/bu while oilshare trades up to 46.0%. July/Nov bean spread inverse falls to 79 1/2c from 90c while August /Nov inverse trades from 48 1/2c to 42 1/4c. Sep/Dec meal carry trades weaker from $3.50 out to $4.50. Sep/Dec corn trades in...
AM Outlook - Downside Follow Through
GOOD MORNING, The markets are lower as funds continue to liquidate length on continuing rainfall events over the US. July open interest liquidation adds pressure as well. Funds are now using rallies to work out of bullish positions. While there is talk of drier and warme...
PM Post - Market Sees Better Crops
THE OPEN Beans: Aug. up 1 and Nov down 3 Meal: 2.50 lower Soyoil: 60 pts higher Corn: 5 1/2 lower Wheat: 6 1/4 higher The markets opened as expected with soyoil futures gaining quickly on the rest of the board. Strong oilshare once again attempted to pu...
Technical Views - Up and Down
SPREADS August crush trades to 98c/bu while oilshare trades up to 45.20%. August/ Nov bean inverse trades from 47c up to 54 1/4c. Sep/Dec meal inverse trades into $1.50 carry from $2.60. Sep/Dec corn inverse trades from 13 1/4c to 14 3/4c. Dec wheat/corn trades fro...
AM Outlook - Soyoil Carries the Market
GOOD MORNING, The overnight price action featured another session of strong oilshare and soyoil price action. Soyoil helped beans to find a bid, even as there is speculation that China purchased more bean cargoes on the break as PNW values are firmer. There are also rumors that Chin...
PM Post - Volatility Ahead of Reports
THE OPEN August beans: 3 lower, Nov beans 8 lower August meal: 2.50 lower August soyoil: 17 lower Sep corn: 6 lower, Dec corn 7 lower Dec wheat: steady The markets opened as called with soyoil futures and oilshare taking the lead to the upside, helping once again t...
AM Outlook - Mixed Continues
GOOD MORNING, Prices overnight were mixed as soyoil prices returned to weakness taking beans along for the ride. Grains are mixed led by wheat to the upside, which likely rallies on short-covering. July open interest continues to be liquidated or rolled as we begin to head towards f...
Technical Vies - Breaks and Buys
SPREADS August crush trades to 90.84/cub while oilshare firms to 44.18% from values starting this week at 43.35%. Inverses are firmer with August /Nov beans trading up to 55 3/4c from 50c. Sep/Dec corn inverse trades from 13c up to 16 1/2c. Sep/Dec meal carry narrows into $1.5...
PM Post - Bull Spreading and Short-Covering
THE OPEN Nov beans: 32 lower Dec meal: 5.50 lower Dec soyoil: 140 pts lower Dec corn: 21 1/2 lower Dec wheat: 14 1/2 lower Prices opened on a weaker note with more profit-taking in oilshare which put a floor under meal to start the day. However, on a push into mid-...
Technical Views - Down the Range
SPREADS August crush trades to 92c/bu while oilshare trades to 43.03%. July/Nov bean inverse trades from 83 3/4c to 93 3/4c. Sep/Dec meal trades from $2.70 carry out to $4.00. July/Dec corn inverse trades from 88 3/4c up to 95 3/4c, while Sep/Dec corn inverse trades from 13 1/...
AM Outlook - Bulls Dampened
GOOD MORNING, Prices are lower as a good amount of rain fell across portions of the Midwest recharging soil moisture. The June 30 Stocks/Acreage report will be released at 11:00 central time, with expectations that we are going to see large acreage numbers. Given the recent down-tur...
PM Post - Back Toward Higher Ranges
THE OPEN July beans: 55 higher July meal: 6.30 higher July soyoil: 130 pts higher July corn: 12 higher July wheat: 9 1/2 higher The markets opened higher and remained that way heading into the mid-morning hour. Beans were up the most having been punished the most, while...
Technical Views - Regaining Lost Ground
SPREADS August crush trades to 84c/bu while oilshare trades to 43.62%. Jul/Nov bean inverse trades from 1.04 1/2c down to 75 3/4c. Sep/Dec meal trades from $3.20 carry out to $5.00. July /Dec corn trades from 1.03 1/4c down to 94 1/2c, while Sep/Dec trades from 17c down...
AM Outlook - Post the Sell-Off
GOOD MORNING, The markets are higher after prices reached new monthly lows on a combination of pricing, short-covering, and new buying activity. Commodity selling on more hawkish Fed comments, China liquidating commodity positions, margin calls, a sudden firming US dollar, all converged t...
PM Post - On the Defensive
THE OPEN July beans: 35 lower July meal: 2.30 lower July soyoil: 359 pts lower July corn: 19 lower July wheat: 8 3/4 lower Prices opened under pressure and into short-covering initially, but as the morning wore on funds were noted as sellers of strength, which fina...
AM Outlook - Buffeted by Rumors and Stories
GOOD MORNING, Prices are lower again on technical considerations as beans trend lower following a still weaker soyoil market. Funds were sellers of 16k bean contracts yesterday and 22,000 soyoil, while purchasing 5,000 meal. Rumors and stories are now trending bearish, with the most...
Technical Views - Pushing Lower
SPREADS August crush trades 85c/bu while oilshare trades lower to 43.31%. Bean spreads are firmer with July/Nov trading to 1.12 1/2c from 1.05c, but corn spreads are weaker. July/Dec corn trades from 1.02 1/2c inverse down to 95 3/4c, while Sep/Dec trades from 17c to new lows...
PM Post - As Called, July Corn Supported
THE OPEN July beans: 1 lower July meal: 3.00 higher July soyoil: 99 lower July corn: 7 1/2 higher Dec wheat: 3 3/4 higher The markets owned as expected with beans trending lower on the back of extremely weak vegoil prices. Soyoil prices go lower on the back of sharply lo...
AM Outlook - Shorts, End-Users Lock in Profits
GOOD MORNING, Prices are mixed today with beans into new lows and soyoil weak, but grain prices firming. Shorts and end-users are attempting to lock in profits as funds continue to liquidate a portion of their length. Liquidation could be in part due to the bearishness of the...
Some Lower, Some Higher
SPREADS August crush trades to 94c/bu while oilshare trades to 45.38%. Jul/Nov bean inverse trades from 89c from 1.03c, while Sep/Dec meal carry trades from $3.00 out to $4.20. July/Dec corn trends higher to 98 1/2c from 91 1/4c, while Sep/Dec weakens to 17c from 19 1/4c. Dec...
PM Post - Firmness on Inverses
THE OPEN July beans: 2 higher July meal: 2.20 lower July soyoil: 50 higher July corn: 9 lower July wheat: 21 lower The markets opened as called but later turned defensive once more with prices triggering stops when critical areas of support were breached. Bull-spre...
Technical Views - All over the Board
SPREADS August oilshare is firmer again trading up to 46.29%. Crush trades to 97c/bu. Bull-spreads are firmer this morning. Nov/July beans bounce to 94c from 76 1/4c inverse, while Sep/Dec meal trades into $2.90 carry from $5.30. Sep/Dec corn inverse trades from 16 1/2c...
AM Outlook - Testing Support
GOOD MORNING, Prices are attempting to stabilize after funds sold a decent amount of corn, beans, and soyoil on better chances for rainfall, negative political headlines, and broken trendlines. Soyoil prices are emphatically bouncing back and helping to support beans. Wheat prices s...
PM Post - Not as Long as Before
THE OPEN July beans: 46 lower July meal: 9.50 lower July soyoil: 340 lower July corn: 26 lower July wheat: 21 lower Prices opened lower as expected, hitting low end price targets before seeing some short-covering and stabilizing trade. Oilshare firmed a...
Technical Views - Lower Range
SPREADS August crush trades to 78c/bu while oilshare trades down to 45.23%. Spreads are firmer with the July /Nov bean inverse trading up to 83 3/4c from 70c, and Sep/Dec meal trading from a $5.80 carry out to $7.20. July/Dec corn inverse trades from 76 1/4c low up to 86 1/4c, while...
AM Outlook - Weight on the Market
GOOD MORNING, Prices opened lower and continued the sell-off driven by soyoil's sharply lower price action, as talk circulates that the Biden administration might offer biofuel waivers to refiners and palm oil closed sharply lower once again. The Chinese Ag Minister lowered bean es...
PM Post - Back and Forth
THE OPEN July beans: 10 lower July meal: 1.10 lower July soyoil: 230 pts lower Julu corn: 9 lower July wheat: 7 1/2 lower The markets opened lower and continued to sell-off on weaker technical considerations, more rains across northern portions of the country...
AM Outlook - Report Reverberates
GOOD MORNING, Prices started the night on a steady note but this morning will open lower. Sharply lower soyoil futures are pressuring beans, and prices will begin on key support points. The theme now seems to be liquidation for the day into the weekend, as the report is digested fro...
Technical Views - Retracement
SPREADS August crush trades to 79c/bu while oilshare trades to 46.43%. Today is the last day of the Goldman Roll as July futures wind down. July/Nov bean inverse trades to 84 3/4c but finds some life, trading back up to 96c. Jly/Dec meal widens out to new lows at $12.20 carry...
PM Post - Bean Bulls Must Focus on Bottom Line
THE OPEN July beans: 7 higher July meal: .70 higher July soyoil; 37 higher July corm: 6 higher July wheat: 7 lower The markets opened as called with July corn once again in the lead to the upside with the nearby spread strengthening. As the report time approa...
AM Outlook - Weakness Gets Purchased
GOOD MORNING, Prices are mixed featuring higher soy and corn, lower wheat. Could it be a foreshadowing of themes to come for the day? The June WASDE will be released at 11:00 central time, and after we take a look at the numbers we will be back to watching the weather and prep...
Technical Views - Recovery Trade
SPREADS August crush trades to 87c/bu while oilshare trades to 47.0%. The July/Nov bean inverse falls to new lows of 1.12 1/2c from 1.15 1/4c as Day 4 of the Goldman roll continues. July/Dec meal widens out to an $8.40 carry from $7.20. July/Dec corn inverse trade...
PM Post - Position Leveling
THE OPEN July beans: 8 lower July meal: 2.50 lower July soyoil: 54 lower July corn: 3 lower July wheat: 10 1/4 lower Prices opened lower with more position-evening into the first hour or two of trade. The catalyst for bean trade was sharply lower soyoil, which foll...
Technical Views - Drop
SPREADS August crush trades up to 84c/bu while oilshare prices trades to 46.89%. Spreads are firmer with Jul/Nov bean inverse strengthening up to 1.28 1/4c from 1.22c. July/Dec meal remains at a carry from what was an inverse, trading from $4.00 to $6.00. July/Dec corn inverse trade...
AM Outlook - Positioning Ahead of the Report
GOOD MORNING, Prices opened a touch softer as positioning in front of Thursday's report takes place and the spreads continue to bounce around as Day 3 of the Goldman Roll continues. There was some bull-spreading for spreads as they sit at weekly lows under the pressure of the index roll.&...
PM Post - Higher; Roll Affects Volume
THE OPEN July beans: 9 higher July meal: 2.00 higher July soyoil: 94 higher July corn: 1 higher July wheat: 5 3/4 higher The markets opened higher and quickly tacked on further gains. Bean and wheat prices led the rally based on technical direction and...
AM Outlook - Quality and Weather Support
GOOD MORNING, Trade opens into positive territory to start the PM session, with conditions poorer than expected and hot and dry forecasts continuing in areas where it is hurting crop development the most. Ratings were released that were under trade expectations. Spring wheat acreage ratin...
Technical Views - Good Support
SPREADS August crush trades to 81c/bu while oilshare trades at 46.76%. July/Nov bean spreads firms off lows of 1.17 1/4c, with an inverse high at 1.25 3/4c. July/Dec meal trades from an inverse out to a $5.40 carry from $4.40. July/Dec corn inverse leaks down to 68c from 77 1/...
PM Post - Breaks But Well Supported
THE OPEN July beans: 24 higher July meal: 4.50 higher July soyoil: 120 pts higher July corn: 14 higher July wheat: 6 higher The market opened as called with profit-taking and active index fund rolling taking place. Wheat futures turned lower from higher, having never rea...
AM Outlook - Factors Playing
GOOD MORNING, The markets are higher across the board, with soyoil futures into new ctr highs. Hot and dry weather forecasts verify, sending prices sharply higher, with beans, corn, and meal having upside gap-and-go starts, which is bullish. Corn and bean crops are stressed as weather in...
Technical Views - Up and Up
SPREADS August crush trades to 86.98c/bu while oilshare trades to 46.44%. The official index roll begins today and spreads are weaker. July/Nov bean inverse trades down to 1.39 1/4c from 1.48 1/4c, while July/Dec meal trades from $2.10 inverse to even. July/Dec corn inve...
PM Post - Heated Markets
THE OPEN July beans: 21 higher July meal: 3.40 higher July soyoil: 120 pts higher July corn: 13 1/2 higher July wheat: 8 1/2 higher The markets opened into strength and found upside technical follow-through and new highs as funds returned as market buyers. Oi...
Technical Views - Uptracing
SPREADS August crush trades to 78c/bu while oilshare trades to 45.60%. July/Nov bean inverse drops to 1.43c from 1.49 1/4c, and from highs that were over 2.00c. Jul/Dec meal trades from a small inverse of $1.40 out to small carry. July/Dec corn trades from 95 1/4c to 92c. ...
AM Outlook - Weather Induced Choppiness
GOOD MORNING, Prices started the PM session in the plus column after breaking down from a higher start yesterday. Each different weather prediction seems to exist to show us trading range highs and lows. No doubt that choppy price action equals trading ranges and a halt to upt...
PM Post - Choppy Back and Forth
THE OPEN July beans: 20 higher July meal: 1.40 higher July soyoil: 84 higher July corn 7 higher July weather: 6 higher The markets opened as expected but quickly traded on both sides, this time led lower by soyoil futures where the run-up in prices quickly found a technical co...
Technical Views - Soyoil Continues to Lead
SPREADS August crush trades higher to 45.94% while crush trades to 81c/bu. Spreads are softer in corn, with July/Dec trading down to 1.00 3/4c inverse from 1.04 1/4c. Sep/Dec corn trades down to 19c inverse from 20 1/4c. The trend is turning softer for these inverses. Ju...
AM Outlook - Strong Open, Highs Tested
GOOD MORNING, Prices are higher overnight as funds return as buyers on hot and dry weather conditions and bullish technicals. In the lead are soyoil futures that traded to a new contract high, and once again supports bean trade. Same trade, different day as the soyoil market c...
PM Post - Trading Weather
THE OPEN July beans: 11 higher July meal: stray July soyoil: 140 pts higher July corn: 1 lower July wheat: 2 3/4 higher Big swings continue with the morning features of higher oilshare, higher beans, and lower grains led by corn. July open interest continues...
Technical Views - Mostly Sideways Higher
SPREADS August oilshare trades to 44.82% while crush trades up to 82c/bu. Jly/Nov bean inverse reached a six-week low trading down to 1.45 1/2c. July/Dec meal trades from a $2.80 inverse down to 0.70c carry. July/Dec corn trades from 1.08c inverse to 1.11 3/4c. Sep...
AM Outlook - Mixed Influences = Mixed Markets
GOOD MORNING, Precise are mixed overnight with a better condition rating for corn creating a minor pullback at the start of the PM session. Beans continue to remain firm as the fast pace of corn into the ground could imply there are less bean acres coming for the June 30 Stocks/Acreage re...
PM Post - Highs/Lows Are In
THE OPEN July beans: 27 higher July meal: 5.40 higher July soyoil; 97 higher July corn: 20 3/4 higher July wheat: 18 1/2 higher The board opened into a strong start with many markets across the specontractum in the green, including crude oil, which is typically a baromet...
Technical Views - Readjustment
SPREADS August crush trades at 74.58c/bu while oilshare is 44.12%. Jly/Nov bean inverse drops to 1.53 3/4c from 1.58 3/4c as traders will have to begin the process of liquidating or moving July contracts forward. July/Dec meal trade returns to a $2.10 inverse from a carry last week...
AM Outlook - Rebound
GOOD MORNING, As we move into the month of June, traders will continue to watch weather and demand. Prices regrouped last week after dropping to monthly lows, and the first day of June brings back higher prices and upside technical follow-through. China and the US had more tra...
No Technical Perspectives Today
Due to the Memorial Day holiday, there will be no Technical Perspectives reports today. The next reports will be on Tuesday, 1 June 2021...
PM Post - Stronger than Expected
THE OPEN July beans: 2 higher July meal: 2.00 higher July soyoil: 35 higher July corn: 8 higher July wheat: 10 higher The markets opened stronger than expected with all putting in a good rally led again by soyoil and corn futures on a combination of short-covering, bargain-hun...
AM Outlook - Corn Export Driver
GOOD MORNING, Prices were mixed with the grains firmer vs. the soy complex, but after export sales all rallied into the close. For bulls, the good news is that July and Dec corn are staying afloat at reversal levels of trade. Bull-spreads were weaker this morning but corn spre...
Technical Views - Better Supported
SPREADS August crush trades to 74c/bu while oilshare trades to 44.51%. July/Nov beans traded down to .52 1/4c inverse from 1.59c. July/Dec meal trades from .20 to .90c carry. July/Dec corn trades from 99 1/4c to 1.04 1/4c, closing at 1.02c inverse. Sep/Dec trades from 24...
PM Post - The Close
THE OPEN July beans: 5 lower July meal: 3.00 lower July soyoil: 29 lower July corn: 3 lower July wheat: 10 lower The markets opened as called but weaker technicals continued to invite more profit-taking and still lower values shortly after the open. The difference...
Technical Views - Pressure Remains Downward
SPREADS August crush trades to 77c/bu while oilshare trades to 44.83%. Bean bull spreads are firmer with Jly/Nov trading up to 1.69c from 1.61c. July/Dec meal trades down to $1.20 inverse from $2.80, slide into carry? Sep/Dec corn trades from 28c to 26c, while July/Dec trades...
AM Outlook - Weekend Exit
GOOD MORNING, Prices continue to establish lower trading ranges with soyoil once again the leader to the upside. It is typical that markets will follow the crop progress reports carefully in terms of technical trade, and with corn hitting a fast pace the chatter about larger acreage becom...
PM Post - Everyone Out
THE OPEN: July beans: 8 higher July meal: 1.40 lower July soyoil: 75 higher July corn: 3 1/2 lower July wheat: 2 higher The markets opened as called but the soyoil rally continued, putting a floor under bean trade in the first part of the session. The feature of the morning was that of higher...
Technical Views - CBOT Trying to Find Lows
NOTE: Technical Perspectives from WPI will not be published Friday, May 28, 2021. SPREADS August crush trades at 75c/bu while oilshare declines to 43.87%. July/Nov soybean inverse bounces off 1.60 1/2c to trade to 1.70c, while July/Dec meal inverse congests from $6.30 to $7.60.&...
AM Outlook - Soy Complex Gains on Grains
NOTE: Technical Perspectives from WPI will not be published on May 28, 2021. Good morning - Prices traded higher overnight led by soyoil, which stabilized bean trade. Soybean bull spreads are working again, finding support after Monday's selloff. Morning trends feature beans gai...
PM Post - Weight of Benign Weather
NOTE: LCF will be closed May 28. THE OPEN July beans: 7 3/4 lower July meal: 2.30 lower Juy soyoil: 45 lower Jul corn: 12 lower July wheat: 19 lower The markets opened lower with soyoil prices turning higher after the open. Benign weather forecas...
AM Outlook - Possible Stabilization This Week
GOOD MORNING, Prices were lower overnight as a combination of good weather and poor technical closes created more fund long liquidation. The trend continues into this week. Funds are now putting on more defensive positions as prices continue to ratchet lower. Charts are beginn...
Technical Views - Sell on Rallies
SPREADS August crush atrades to 79.80c/bu while oilshare trades to 43.60%. July/Nov bean inverse firms from its lows of 1.63 1/4c to trades up to 1.72 1/2c. Key resistance for July/NOv is 2.00c. July/Dec meal trades down to $4.80 inverse from $7.90. July/Dec corn trades...
PM Post - Liquidating Length
THE OPEN July beans: 12 lower July meal: 2.20 lower July soyoil: 89 lower July corn: 8 lower July wheat: 6-7 lower The markets opened as called with some spread unwinding. Grains were weaker vs. soy, as oilshare stabilized at the bottom. Ben...
Technical Views - Down She Goes
SPREADS August crush trades to 81c/bu while oil share trades to 43.51%. Bean inverses are weaker with July/Nov trading down to 1.60c from 1.65 3/4. July /Dec meal inverse trades down to $5.60 from $7.60, and from values that were $20.00. July/Dec corn trades down t...
AM Outlook - Taking Profits
GOOD MORNING, Prices started mixed overnight, but mostly on the defensive led by beans and soyoil futures. This morning we are seeing another round of end-of-week profit-taking with bean, meal, and wheat prices all at four-week lows. Bean basis continues to go lower as bids move to Novemb...
PM Post - Grains Firmer; Oilseeds Weaker
THE OPEN July beans: 1 3/4 lower July meal: 2.00 higher July soyoil: 1.40 lower July corn: 3 higher July wheat: 1/4 lower Prices opened as called but the soy complex was defensive at the open led by lower soyoil values. Corn prices found quick support heading...
AM Outlook - Soyoil's Turn to Dip
GOOD MORNING, Prices found early strength at the open on a follow-through comeback for July corn which closed unchanged after opening sharply lower yesterday. However, currently deeper losses in soyoil futures are weighing on beans as traders continue to unwind previous buy soyoil/sell me...
Technical Views - Riding a Lower Range
SPREADS July crush trades to 74c/bu while oilshare trades to 44.52%. The July/Nov bean inverse trades to 1.69c, off the low of 1.66c, and up towards 1.74c. July/Dec meal inverse is weaker trading down to $8.11 from $10.90, and what was closer to $20.00 week ago. July/Dec...
PM Post - Topped Out?
THE OPEN July beans: 26 lower July meal: 1.80 lower July soyoil: 205 pts lower July corn: 6 1/2 lower July wheat: 17 lower The markets opened lower and continued to hit sell-stops which triggered lower trade. Corn continued to find scale down commercial prici...
AM Outlook - Macro Sell-off
GOOD MORNING, Prices were on the defensive once again as the markets continued to leak lower as funds liquidate more length. Would note that outside markets are also lower, including stocks and crude, which weighs on ags and makes this appear to be a macro day of across -the-board selling...
Technical Views - All Lower
SPREADS July crush trades to 82c/bu while oilshare trades to 44.85%. Bean inverses weaken while corn inverses strengthen. Jul/Nov bean spread inverse breaks down to 1.66c from 1.77 1/2c, while July/Dec meal firms from $9.50 to trade up to $11.10 inverse. July/Dec corn inverse...
PM Post - Poor Performance for Soy Complex
THE OPEN July beans: 7 higher July meal: .30 higher July soyil: 84 higher July corn: 9 1/2 higher July wheat: 6 3/4 higher The markets opened as expected with prices turning higher led by July corn as the sale of corn to China supported bullspreads. Soyoil po...
Technical Views - From Low to Higher
SPREADS August crush trades to 96c/bu while oilshare trades t. 443.39%. July oilshare trades to 45.67%. July/Nov beans traded from 1.90 3/4c to 1.95c. July/Dec meal inverse trades down to $14.30 from $15.90. July/Dec corn inverse firm to 1.19 3/4c from 1.14c, while Sep/Dec inv...
AM Outlook - Tuesday's Turnaround
GOOD MORNING, Turn-around Tuesday is here and values are higher on a combination of short-covering, bargain - hunting, and pricing activity. July soyoil posts a new contract high, and bullspreads are higher. The markets are working into sideways trading ranges off the lows as suppor...
PM Post - Rallies Not Holding
THE OPEN July beans: 10 higher July meal: 6.00 higher July soyoil: 20 pts higher July corn: 8 higher July wheat: 4 1/2 lower The markets opened as expected with new contract highs again noted for soyoil contracts which gained on meal. Wheat lost t...
AM Outlook - Mixed Up
GOOD MORNING, Prices will open mixed after all were trading lower at one point during the PM session. July open interest continued to drop, as traders spread into deferred contracts. Soyoil futures posted a new contract high before succumbing to pressure as oilshare sees some...
Technical Views - Wheat Drags on Market
SPREADS August crush trades to 88c/bu while oilshare trades to 43.29%. Bull spreads are rallying again with July/Nov beans trading back to 1.95 1/2c from 1.84 1/4c, while July/Dec meal inverse trades from $20.00 to $18.00. July/Dec corn trades up to 1.08c inverse from 98c. Jul...
PM Post - Still Defending
THE OPEN July beans: 20 higher July meal: 8.30 higher July soyoil: 82 higher July corn: 9 higher July wheat: 20 1/2 higher The markets opened as expected with bean prices continuing to gain on corn. NO doubt that the sell-off spooked many, and that there are...
AM Outlook - Bottom Tested
GOOD MORNING, Funds headed for the exits as charts started to build in resistance leading to selling yesterday, triggering sell-stops. Funds sold 16,000 wheat, 45,000 corn, 30,000 beans, 12,500 meal, and 5000 soyoil. This is the kind of selling that often does lead to a market top,...
Technical Views - Bounce Day
SPREADS July crush trades to 73c/bu while oilshare trades higher to 43.61%. July/Nov bean inverse bounces to 2.00c with a low of 1.84c. July/Dec meal trades from $22.50 down to $18.00. July/Dec corn trades from 1.18 3/4c down to 1.09c. July wheat /corn trades from...
PM Post - Washout
THE OPEN July beans: 20 lower July meal: 6.20 lower July soyoil: 64 lower July corn: 17 lower July wheat: 7 1/2 lower The markets opened in line with trade expectations, but poor export sales and a negative reaction to the report yesterday set a deeper sell-off in motion...
Technical Views - All Going Down
SPREADS July crush trades to 74c/bu while oilshare trades to 42.68%. Inverses remain well supported with July/Nov beans trading to 1.95c to 2.08c. July /Dec meal is weaker trading down to $24.50 from $28.50. July/Dec corn trades from 1.23c down to 1.12 3/4c inverse. July...
AM Outlook - Weather, Stocks and Funds
GOOD MORNING, Prices are lower across the board on profit-taking heading into the weekend. The USDA report has come and gone, and we are left looking at weather, stocks, and funds. The gist of the report was that the USDA was conservative except for Safrinha corn. End-users continue...
PM Post - Mixed Bag
THE OPEN July beans: 19 higher July meal: 1.40 higher July soyoil: 99 higher July corn: 1 higher July wheat: 5 lower The markets opened as called but bean prices traded sharply higher and into new contract highs into the morning trade along with soyoil. Grain...
AM Outlook - WASDE a Reference, Not the Bible
GOOD MORNING, The bulls continue to roll on with more strength overnight emanating from a strong close and reversal from Monday's weakness that more or less aided in defining trading range lows. The May Supply and Demand report will be released at 11:00 central time. The reaction to...
Technical Views - Two Sides of a Report
SPREADS July crush falls to 74.32c/bu while oilshare trades higher to 42.24%. Bull spreads see more strength with Jul/Nov beans trading up to 2.04 3/4, past the prev. high of 2.00c. July /Dec meal trades to a new high of $29.60 inverse from $25.70. July/Dec corn trades to a hi...
PM Post - Air in the Market but Bottom Found
THE OPEN July beans: 10 higher July meal: 6.20 higher July soyoil: 13 lower Jul corn: 12 higher July wheat: 10 higher The markets opened as expected but buying came flooding back to the markets as funds appeared to buy back what they liquidated yesterday.&nbs...
Technical Views - Mostly Higher
SPREADS July crush is trading at 84.58c/bu while oilshare trades to 41.69% as it continues to correct. July /Nov bean spread bounces back to 1.81 3/4c from 1.73 1/2c and closes at the highs. Would look for further strength. Jly/Dec corn trades up to 1.09c from a...
AM Outlook - Bears versus Bulls
GOOD MORNING, After remaining mostly steadfast in their fund positions over the last few weeks, the funds finally decided to liquidate a portion of their positions heading into the Wed. USDA report at 11:00 central time yesterday. After a lower start to the evening, prices worked back hig...
PM Post - Healthy Consolidation
THE OPEN July beans: 1 lower July meal: .80 lower July soyoil: 14 lower July corn: 5 lower July wheat: 15 lower Prices opened as expected with more selling in wheat futures and oilshare. Better weekend weather and a very important May 12 USD...
Technical Views - Some Higher, Some Lower
SPREADS July crush trades to 88.94c/bu while oilshare trades to 42.18%. Spreads are higher this morning with July/Nov bean inverse firming to 1.65c from 1.56c, while July /Dec meal trades to $23.60 from PM lows of $21.30. July/Dec corn strengthens to 1.05 3/4c after selling of...
AM Outlook - Correction Mode
GOOD MORNING, The overnight markets were in correction mode for the PM session, led by wheat as better weekend rains were noted. The markets closed mixed, and spreads are firming again. The markets remain in technically driven mode and still have the fundamentals to back a bul...
PM Post - Fire Sells the Fact
THE OPEN July beans: 7 higher July meal: 3.20 higher July soyoil: 84 higher July corn: 7 1/2 higher July wheat: 11 higher The market opened as expected with profit-taking in front of a mostly clear planting window, and the need to alleviate very overbought market extremes.&nbs...
Technical Views - Higher But Could Waffle
SPREADS July crush trades to 86c/bu while oilshare trades to 43.09%. July /NOv bean inverse falls to 1.52 3/4c from 1.60 1/2c while July/Dec meal trades from $20.80 invest to $18.20. Jul/Dec coron trades down to 87 1/4c from 97 1/2c as money flow continues to come into the Dec...
AM Outlook - Fundamentals versus RSI's
GOOD MORNING, Overnight prices were once again higher on technical follow-through to the upside of new contract highs. Wheat and meal remain the exception as they continue to move in a large sideways chop. New money continues to pour into the market on adverse weather and market hyp...
PM Post - Revealing Charts and Price Action
THE OPEN July beans: 17 higher July meal: 3.30 higher July soyoil: 1.13 higher July corn: 3 1/2 higher July wheat: 7 lower The markets opened as expected with profit-taking initially. New buying is flowing into the Dec corn and Nov bean contracts, as open interest...
Technical Views - Mostly Well Supported
SPREADS July oilshare trades to 43.05% while crush trades up to 92c/bu. Spreads recover after selling off to some lows for beans with Jly/Nov trading from 1.54 1/4c to 1.70c. July/Dec meal trades up to $23.50 from $19.60. Corn spreads weaken with July/Dec inverse trading down...
AM Outlook - Brazil Drought Effects
GOOD MORNING, Prices will open mixed with weaker wheat against strength elsewhere on the board. This has become a technically driven market as prices make new highs in corn hitting upper targets. Dec. corn is now over $6.00 and July corn over $7.00. The drought in Brazil is th...
PM Post - Buying on Breaks
THE OPEN July beans: 10 higher Julu meal: 2.00 higher July soyoil: 34 higher July corn: 1 lower July wheat: 1 higher The markets opened as called with the cancellation of corn to China taking some steam out of initial trade, which created a bit of profit-taking in...
Technical Views - Corn Overbought
SPREADS July crush improves to 90c/bu while oilshare trades to 42.99%. Inverses have come down a touch, led by corn. July/Dec corn inverse traded to a high of 1.24c, but today trades from 1.19 1/2c down to 1.12c. May/July corn trades from 51c inverse down to 47 3/4c. Jul...
AM Outlook - Lots of Support
GOOD MORNING, Funds continue to buy the market and are now long an estimated 180K beans, 50K meal, 106K soyoil, 390K corn, and even wheat. On May 12 we get the next USDA Supply and Demand report, which updates US and world 2021 corn and bean numbers, and gives our first stats of 21/...
PM Post - Good Buying Activity
THE OPEN July beans: 17 higher July meal: 4.90 higher July soyoil: 92 higher July corn: 14 higher July wheat: 8 3/4 higher The open was met with good buying activity allowing both soyoil and corn to place new contract highs. Hedging was less as many are still...
AM Outlook - Bouncing Back
GOOD MORNING, Prices are higher in the PM session after yesterday's defensive price action. Much of the world was closed Monday with others out till Wednesday. World cash markets remain firm. Farmer selling remains above the market, and end-user pricing below, whic...
Technical Views - Sideways Upswing
SPREADS July crush trades to 83.30c/bu while oilshare is at 43.25%. July /Nov beans find support at 1.77c with a rally back to 1.83c. May/July bean inverse trends higher to 38 3/4c from 37 1/2c. July /Dec meal corn inverse has a current high at 1.24c, but the 1.15c level looks...
PM Post - Profits, Technical Selling
THE OPEN July beans: 18 higher July meal: 2.50 lower July soyoil: 2.10 higher July corn: 20 3/4 higher July wheat: 7 3/4 higher The markets opened as expected but also found better hedge selling and profit-taking at new contract highs. It seemed to be the mis...
Technical Views - Strong, Not So Strong
SPREADS July crush trades to 91.92c/bu while oilshare jumps to 43.14%. July/Nov beans posts a new high at 2.00c with a low of 1.89 1/2c, while May/July inverts to 40 1/4c from 35 1/4c. July/Dec meal inverse weakens to $20.90 after posting a new high of $25.80. July/Dec corn tr...
AM Outlook - Friendly in Nature
GOOD MORNING, Prices are higher across the board on technical follow-through from Friday's strong day of trade, with opening gaps in every market except meal. July and Dec corn have break-away gaps in the night session as new contract highs are posted. May corn posts new contr...
PM Post - Spreads = Tale of Two Markets
THE OPEN July beans: 9 lower July meal: 3.80 lower July soyoil: 57 lower July corn: 1/ higher July wheat: 9 1/2 lower The markets opened as called with the feature of the morning that of higher values in corn as funds purchase the open. Corn strength su...
Technical Views - Downside profit-taking
SPREADS July crush trades down to 83c/bu while oilshare trades at 41.58%. Spreads are weaker with deliveries, with May/July beans trading to an inverse of 32c from 40 3/4c, and July/Nov trading down to 1.79c from 1.84 1/4c. July/Dec meal trades from $22.60 down to $20.70 inverse.&nb...
AM Outlook - Caution and Profit-taking
GOOD MORNING, Prices are leaning lower in the overnight session as the much talked about first notice day is here. Soyoil and beans traded lower into delivery, which were a bit heavier than expected for the soy complex. Beans saw pressure from lower soyoil yesterday where May...
PM Post - Not the Top
THE OPEN July beans: 9 higher July meal: .20 lower July soyoil: 64 higher July corn: 3 3/4 higher July wheat: 1 3/4 lower The markets opened as called but quickly traded both sides of unchanged. Soyoil futures traded sharply lower led by May, which found the...
AM Outlook - New Positions
GOOD MORNING, The mission of the market is now to define trading ranges from our new ctr highs heading into the summer. Increased talk of increased US imports weighs on prices, while weather appears to offer up a more moderate outlook. There is chatter that South American bean and m...
Technical Views - Support for Higher Values
SPREADS July crush trades to 84c/bu while oilshare trades higher to 42.25%. Spreads remain strong with July/Nov beans closing at the highs of 1.95 1/2c inverse, though May/July trades from 49c down to 39c as we head into first notice day. July/Dec corn inverse remains firm trading f...
PM Post - Bulls Get Technical
THE OPEN July beans: 9 lower Jul meal: .20 lower Jly soyoil: 93 lower July corn: 12 lower July wheat: 16 lower The markets started the day lower but quickly found end-users, short-covering, and bargain hunters looking to own this pullback. Spreads were extremely fi...
AM Outlook - Correction Over?
GOOD MORNING, Prices saw down-side follow-through overnight following the sell-off yesterday. Is the panic buying over? We are approaching first notice day, and ideas are floating that prices reached their highs on short-covering and margin calls given how high the markets wer...
Technical Views - Defining New Bottom
SPREADS July crush trades to 83c/bu while oilshare trades to 41.10%. Spreads remain firm with July/Nov trading up to 1.85 1/2c from 1.73 1/2c. The May/July bean inverse trades to 36c highs from 30c July /Dec meal inverts to a $23.10 high from $18.60. May/July...
PM Post - Coverage and Profits
THE OPEN July beans: 2 higher July meal: 2.40 lower July soyoil: 1.40 higher July corn; 2 higher July wheat: 3 higher The markets opened as called with two-sided trade as end-users sought coverage on weakness and bulls decided to book some profits. Oilshare continu...
Technical Views - Over-extension
SPREADS July crush trades up to 91.39c/bu while oil share trades to new highs of 42.29%. Jul/Dec corn inverse trades up to 97c, new highs, from 90 1/2c, while May/July trades to 41c from 26 3/4c. July/Nov bean inverse trades up to 1.91c from 1.66 3/4c, big moves overnight. Jul...
AM Outlook - High RSI's
GOOD MORNING, New highs were again posted for some of the markets. May beans trades over $16.00, while May corn trades over $7.00. Corn prices are now at 8-year highs, while wheat is at its highest level since Feb. 2013. End-users scrambling in the market to secure suppl...
PM Post - Higher and Sometimes Overbought
THE OPEN July beans: 15 higher July meal: 3.50p higher July soyoil: 38 higher July corn: 22 higher July wheat: 21 higher The markets opened higher than expected with corn, wheat and beans posting new contract highs. Profit-taking was later noted f...
Technical Views - Heading Upward
SPREADS July crush trades at 69.52c /bu while oilshare trades down to 40.99%. Spreads remain firm with July/NOv inverse from 1.84 1/2c down to 1.72 3/4c. May/July beans inverts to a 26c higher from 23 3/4c. July/Dec meal trades from $19.70 down to $19.50, while May/July...
AM Outlook - Same Bullish Story
GOOD MORNING, Prices trade to new contract highs across the board once again, (except for meal), as Brazil remains dry, weather in the US remains problematic, and technicals remain bullish. Same story, different day, as commodity prices continue to soar. Concerns remain that...
PM Post - Profits Before Weekend
THE OPEN July beans: 3 1/2 lower July meal: 2.50 lower July soyoil: 5 lower July corn: 5 lower July wheat: 1/2 lower The markets opened on a mixed note with prices turning both sides of even after a defensive PM session start. The corn sales announcements wer...
Technical Views - Pausing to Profit and Digest
SPREADS July crush trades to 68.20c/bu while oilshare trades up to 41.0%. Spreads remain firm with July/Nov bean inverse trading up to 1.81 1/2c from 1.73 1/2c, while July /Dec corn trades from 82 1/4c from 74 3/4c. July wheat/corn trades from 85c down to 80c. PALM OIL J...
AM Outlook - Weather, Fundamentals, Macros
GOOD MORNING, It's a weather story, it's a fundamental story, it's a macro story. In bear markets, all the news is bad news, and in bull markets each story becomes a friendly one. The renewable biodiesel story sent soyoil futures on its dramatic price rise yesterday, com...
PM Post - Pricing Ideas Raised
THE OPEN July beans: 18 higher July meal: 1.50 higher July soyoil: 139 pts higher July corn: 7 higher July wheat: 4 higher Prices opened higher and once again it was the soyoil market that caught fire and traded up, spurring on a higher bean trade. Corn prices foll...
AM Outlook - Funds Push Higher
GOOD MORNING, Prices overnight continued strong and posted several more contract highs. Funds were adding to long positions in a big way yesterday, and when that happens the expectations are for much higher prices to emerge. Funds could be long an estimated and record 430K corn now,...
Technical Views - Higher in Range
SPREADS July crush trades to 64.80c/bu while oilshare trades to 40.93%. Jly/Dec corn trades above 70c to 75c inverse, and pullbacks could continue to see buying interest for further highs. Jul/Nov bean inverse trades up to 1.78c from 1.68 1/2c in strong tech action. July /Dec...
PM Post - The Close
THE OPEN July beans: 2 lower July meal: 3.00 lower July soyoil: 33 higher July corn: 3 lower July wheat: 3 lower The markets were wobbly overnight but quickly found their footings to climb to new contract highs once again. Oilshare was much higher...
Technical Views - Mixed on Adjustments
SPREADS July crush trades to 61.87c/bu while oilshare values trades higher to 40.24%. Bean spreads are firmer with July/Nov trading up to 1.63 3/4c from 1.58 1/4c. Meal spreads weaken with the inverse trading from $17.00 down to $15.30. July/Dec corn inverse trades up to 68c f...
AM Outlook - Potential Reversal Trade
GOOD MORNING, Corn and bean prices set new contract highs again overnight before seeing some morning profit-taking. Soyoil futures also set new contract highs, as the uptrend continues. US weather will remain cool and wet after delivering snow -showers across the Midwest yesterday.&...
PM Post - Ongoing Premium
THE OPEN July beans: 21 higher July meal: 4.90 higher July soyoil: 180 pts higher July corn: 6 higher July wheat: 7 3/4 higher Prices opened and quickly escalated to the upside. Beans and soyoil quickly post new contract highs. Funds were buying out of the gate on...
Technical Views - Continuing Trend
SPREADS July crush trades to 61.51c, while oilshare trades to 39.85%. Spreads firm with Jul/Nov bean inverse strengthening up to 1.62 1/2c from 1.53c, while May/July trades to 15c from 13 1/2c. July/Dec corn firms to 64c from 60c, while May/July inverts to 12 1/4c from 11 3/4c...
AM Outlook - Another Firm Day
GOOD MORNING, Prices trend higher on dryness in SA and cold weather extremes in the US. When bull markets begin a break-out to the upside buying activity can be consistent and persistent as funds want to own strength for a leg up. So it goes with corn, which posts another new contra...
PM Post - Good Uptrends
THE OPEN May beans: 8 higher May meal: 2.20 higher May soyoil: 25 lower May corn: 8 higher May wheat: 1 3/4 higher The markets opened as expected with more weakness in soyoil on profit-taking in oilshare, as the markets maintained their strength throughout the day...
Technical Views - Well Supported
SPREADS July crush trades to 61.80c/bu while oilshare trades to 39.85%. Bean spreads continue firm with July/NOv trading up to 1.54c from 1.48 1/4c, while May/July trades from inverse of 12c down to 10 1/2c. July/Dec meal trades from $16.70 inverse down to $13.50. Jul/De...
AM Outlook - Lot of Moving Parts
GOOD MORNING, Overnight highlights included a rallying corn market and new contract highs in canola futures. Dec. corn trades to new contract highs as funds are long, domestic basis is strong (South Dakota basis has rallied 27c in the past month), and weather in the US is too cold, which...
PM Post - Some Tops, Some Not
THE OPEN May beans: 6 1/2 higher May meal .80 lower May soyoil: 85 higher May corn: 2 higher May weather: 5 higher The markets opened as called with the soy complex gaining on grains as the ratio correction further. Since the April report, corn has gained on...
AM Outlook - Firmer Values
GOOD MORNING, Values are firmer across the board, except for meal, as global demand continues to improve. Ocean freight, a barometer of overall demand and economic health, was 41% higher as of April 8 from the Gulf to Japan vs. the start of the year, according to Farm Policy. Inflat...
Technical Views - Only Soft Meal
SPREADS July crush trades up to 64.02c/bu while oilshare trades higher, recovering losses to trade up to 39.52%. July/Nov bean inverse trades higher to 1.44 3/4c from 1.42c, while May/July trades up to 8c inverse from 7 1/4c. July/Dec meal inverse softens to $13.50 from $15.50...
PM Post - Correcting Back to Beans
THE OPEN May beans: 6 1/2 higher May meal: 1.50 higher May soyoil: 45 higher May corn: 2 1/4 higher May wheat: 1 lower The markets opened lower and found some profit-taking for grains, while bean prices traded higher. The corn/bean ratio has been skewed...
Technical Views - Upramp
SPREADS July crush trades to 59.35c/bu, while oilshare trades firmer to 39.31%. Spreads are firmer with July /Nov beans trading from 1.38 1/4c to 1.42c. May/July beans trades from 8c inverse up to 8 3/4c. July/Dec meal trades from $11.00 inverse closing at $12.10. May/Ju...
AM Outlook - Strengthening Uptrends
GOOD MORNING, Corn prices continue to roll on to the upside with new contract highs, with May over the $6.00 benchmark. Corn futures follow higher Dalian and Matif corn, which were up 1% this AM. Higher prices are on the back of extremely cold temperatures which may slow germi...
PM Post - Fresh Money Flows
THE OPEN May beans: 8 higher May meal: .70 higher May soyoil: 35 higher May corn: 8 1/2 higher May wheat: 11 higher The markets opened as called with wheat prices putting in sharply higher trade on the back of concerning global weather and higher Matif prices. Fund...
AM Outlook - Externals, Tightness
GOOD MORNING, Inflation talk propped up prices yesterday as new money flows into commodities in general, with inflows into ags as well. Dec. corn continued to find chart-based buying and placing new contract highs, while oil share continues to firm as well. Soyoil values...
Technical Views - Higher to Sideways
SPREADS Today is day 5 of the Goldman Roll. July corn, meal, soyoil, wheat and bean futures now have higher open interest than in May contracts, as futures are rolled forward. July corn open interest now stands as the highest at 606,557, (May corn at 425,396 contracts). ...
PM Post - Fluctuating Weak/Strong
THE OPEN May beans: 6 1/2 higher May soyoil: 81 higher May meal; .40 lower May corn: 3 3/4 higher May wheat: 6 1/2 higher The markets opened as called with more technical buying sending corn prices to new contract highs for the December contract, while oilshare jum...
Technical Views - Retracing
SPREADS July crush trades higher to 61.63c/bu while oilshare trades to 38.41%. The July/Nov bean inverse weakens to 1.26 1/4c vs. 1.31c, while May/July bean inverse trades down to 3 1/4c from 3 3/4c. May/July meal carries trades from lows of $4.10 to $4.40. July/Dec corn...
AM Outlook - Bounce Back
GOOD MORNING, Prices are set for turn-around Tuesday as we open into the green except for meal. May contracts continue to liquidate as we enter day 4 of the Goldman Roll. Oilshare finds new life overnight, and beans actually firm against corn for a change. December corn contin...
PM Post - Cashing Out
THE OPEN May beans: 7 lower May meal: 1.30 lower May soyoil: 64 lower May corn: 1/2 lower May wheat: 10 lower The markets opened lower and were under pressure immediately as fund selling triggered sell-stops in all the markets. The fact that funds were...
Technical Views - Mostly Trading Lower
SPREADS July crush trades to 54,39c/bu while oilshare trades to 38.23%. July /Nov bean inverse weakens to 1.30 1/2c from 1.38 1/2c, while May/July trades from a new low of 4 3/4c to 6c. May/July meal trades out to new lows of 4.40 carry from $4.20, while July/Dec inverse falls to $1...
AM Outlook - Sliding But Firm on Pullbacks
GOOD MORNING, Prices are mostly lower this morning as the soy complex sells off due to weaker soyoil prices, and profit-taking in oilshare. Wheat is lower as Russia's IKAR increased 2021 wheat production to 81.0 mmt, vs. 79.8 mmt prev. Beans are lower reacting to larger Brazilian be...
PM Post - Corn Supported; Soy Holds
THE OPEN May beans: 1 lower May meal: 1.40 higher May soyoil: 35 lower May corna; 2 1/2 higher May wheat: 5 1/2 higher The markets opened as expected with further gains in wheat on short-covering. Wheat prices corrected sharply after trading above moving aver...
AM Outlook - Report Day!
GOOD MORNING, Report day! At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices. Funds seemed to be onto something yesterday, with corn prices accelerating from the start of the day. As mentioned before, fund buying would...
Technical Views - Bull Flags, Ascending Triangles
SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%. Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, while May/July inverse trades from 5-6c. July/Dec meal trades from $18.00 inverse to $16.10, while May/July trades from $3.40 out to $3...
PM Post - Buying Ahead
THE OPEN May beans: 2 lower May meal: 1.20 lower May soyoil: 5 lower May corn: 6 3/4 higher May wheat: 7 3/4 higher The markets opened as called with a sharp rally in corn leading the way higher for other markets to do much the same. Wheat futures ran more shorts o...
Technical Views - Grain Strength
SPREADS July crush trades up to 61.86c/bu while oilshare trades to 38.33%. Goldman Roll begins today. May/July bean inverse trades down to 5 1/4c from 6 1/4c while July/Nov trades from 1.30 1/2c to 1.35 1/2c. May/July corn trades from 15 1/4c down to 14 1/4c, while July/Dec tr...
AM Outlook - Grains Firmer; Oilseeds Weaker
GOOD MORNING, Prices continue to slip into trading ranges in front of the April 9 WASDE report. Sharply lower soyoil futures were the key to soy complex weakness yesterday, with one wire talking about a hedge fund selling out its soyoil length in front of Friday's report. Soyo...
PM Post - Timing the Next Climb
THE OPEN May beans: 4 1/2 higher May meal: 1.00 higher May soyoil: 4 higher May corn: 2 3/4 higher May wheat: 1/4 lower Prices opened as called but a shake-out in oilshare pressured bean prices. Corn gained on beans and wheat found a short-covering bounce int...
AM Outlook - Air of Caution
GOOD MORNING, The markets continue to adjust into Friday's WASDE report, which is typically not a market maker. Prices are mostly firm this morning proceeding still with an air of caution. On the bear side for beans are China's crushing margins, which are weaker, and slows dem...
Technical Views - Within Ranges
SPREADS July crush trades to 59.29c/bu while oilshare trades to 38.80%. The July/Nov bean inverse trades to 1.40 3/4c from 1.46 3/4c, while May/July trades down to 6 3/4c from 8 1/2c. July/Dec meal trades from $18.10 to $19.50. July/Dec corn trades from 58c to 60 1/4c, w...
PM Post - Corrections to Downside are Over
THE OPEN May beans: 15 higher May meal: 3.40 higher May soyoil: 1.08 pts higher May corn: 6 higher May wheat: 4 1/4 higher The markets opened as called with trends continuing to show stronger oilshare values and higher bean trade. Inverses strengthened today...
Technicals - Pre-Report Positioning
SPREADS July oilshare rises to 38.65% and crush trades up to 59c/bu. Spreads are firmer with July/Nov trading up to 1.44 1/2c from 1.36 1/2c, and May/July bean inverse trading up to 7 1/2c from 5 1/4c. July/Dec meal inverse strengthens to $17.30 from $12.50 lows. July/Dec corn...
AM Outlook - Firmer Day
GOOD MORNING, Prices remain well bid overnight with higher oilshare again dominating price action and beans climbing over corn. Crush continues to struggle, with oilshare still supported on biofuel demand. Spreads and flat price all recover in overnight action. Wheat is...
PM Post - Cautious Air
THE OPEN May beans: 13 1/4 higher May meal: 5.00 higher soyoil: 67 higher May corn: 1 higher May wheat: 5 higher Prices opened as expected with a cautious air from opening values given excellent planting weather for the month of April. May corn collapses, tra...
Technical Views - Generally Higher
SPREADS July crush trades to 67c/bu while oilshare trades at 38.0%. The Jly/Nov bean inverse weakens to 1.26 1/2c from 1.38c, while May/July trades down to 4 1/4c from 5 3/4c. July/Dec meal trades down to $14.30 from $15.30. July/Dec corn trades down to 52 3/4c from 55 1...
AM Outlook - Post-Holiday Adjustments
GOOD MORNING, Prices were mostly higher overnight taking back losses from Thursday's holiday shortened session. Funds are still holding long positions across the board, and were rewarded for their patience via the bullish USDA report. Weather is not bullish, as warm and dry conditio...
No Technical Perspectives Today; Ag Perspectives will Publish as Usual
Technical Perspectives will resume on April 5...
PM Post - Skepticism But Must Be Traded
THE OPEN May beans: 8 higher May meal: .30 higher May soyoil: 1.25 higher May corn: 3/4 lower May wheat: 2 lower The markets opened as called with the soy complex rebounding off its low pulling corn higher. Wheat futures continued lower as funds sold as a hed...
Technical Views - Firm on New Lows
SPREADS July crush firms back to 58c/bu while crush trades to 38.10%. July /Nov beans inverse trades from 1.70 1/4c up to 1.75 1/2c, while May/July congests from 8 1/2c to 10c. July/Dec corn trades from 70 1/4c inverse to 67 1/2c, while May/July firms to 17 1/4c from 16c...
AM Outlook - Liquidation Yesterday, Reports Today
GOOD MORNING, The market's losses yesterday found many looking for an explanation. With fundamentals not changing much, would have to consider that the break on the board was actually an across the day commodity selling event. Not only were Ags lower, but so were many other commodit...
PM Post - Busting Through Support Lines
THE OPEN May beans: 9 lower May meal: .70 higher May soyoil: 80 lower May corn: 1 lower May wheat: 3 3/4 lower Prices opened lower with more liquidation into the report tomorrow. The higher US dollar and the slower demand pace from China, along with a b...
Technical Views - Meal's Day
SPREADS July crush trades to 52c/bu while oilshare sits at 38.31%. Nov/Jul bean inverse continues to weaken, trading down to 1.75 1/2c from 1.82 1/4c, while May/July trades from 8 1/4c to 7 1/4c. JulyDec meal inverse trades down to $28.50 from $30.50. May/July corn inverse tra...
AM Outlook - Bottom of Ranges Ahead of Tomorrow
GOOD MORNING, Prices continue to leak lower as more funds sell the market in front of the March 31 Stocks/Acreage report. With everyone in the same boat, (funds long everything but wheat), the only question is whether tomorrow’s numbers force changes to these positions. ...
PM Post - Soyoil Exception
THE OPEN May beans: 4 1/2 lower May meal: 4.50 lower May soyoil: 12 higher May corn: 5 1/2 lower May wheat: 1 1/4 lower Prices opened as expected but turned softer as the US dollar gained in strength. Beans and meal dropped lower against higher soyoil, pushin...
Technical Views - Variable and Light
SPREADS July crush falls lower to 47.88c/bu while oilshare trades to 38.47% from values that were over 40%. July/Nov bean inverse is softer, closing on the low of 1.78 1/4c from 1.84 3/4c. May/July bean inverse trades from 9 1/2c to close at 8 1/2c. July/Dec corn trades from 7...
AM Outlok - Positions Set for Wednesday
GOOD MORNING, Prices are mixed as we head into the Planting Intentions/March1 stocks on Wed at 11:00 central time. Meal struggles against soyoil futures, while most of the markets remain on the defensive as all head into this major report long. Oilshare finds some stability as crude...
PM Post - Lower Level Trades for Profit-taking
THE OPEN May beans: 1/2 lower May meal: 3.30 lower May soyoil: 30 higher May corn: 1/4 higher May wheat: 2 lower The markets opened as called though prices quickly were lower for soyoil and beans. Traders were noted early buyers of corn/sellers of wheat, whil...
AM Outlook - Lots of Moving Parts
GOOD MORNING, Macro events continue to play out in the Ag space, as weaker crude impacts soyoil, which locked limit -down, plus more cases of coronavirus popping up in the US. The US dollar trades higher as traders unwind prev. buy energies/sell soyoil. End of month and quarter take...
Technical Views - Mixed Positioning
SPREADS July crush trades to 57.68c/bu while oilshare trades to 39.34%. July/Nov beans trades from 1.90c to 1.87 3/4c, while May/July trades from 11 1/4c down to 9c. July/Dec meal trades down to $31.40 from $33.00. May/July corn weakens to 13 1/4c inverse from 14 1/4c, and hig...
PM Post - Sharper Sell-off
THE OPEN May beans: 11 3/4 lower May meal: 1.00 lower May soyoil: 82 lower May corn: 5 lower May wheat: 8 3/4 low The markets opened as expected with meal prices turning higher on the day as traders booked profits on oilshare. Soyoil charts traded downward as...
AM Outlook - Defensive on Low Volume
GOOD MORNING, Prices were on the defensive overnight, as volumes remain light and new inputs quiet. Soyoil futures congest though finds pressure from lower energies. Corn prices continue lower with weaker wheat setting the stage for lower trade. Chicago and KC wheat each drift...
Technical Views - Downward
SPREADS July crush trades down to 60c/bu while oilshare sits at 40.19%. Spreads are a touch weaker today as funds book profits. July/Nov bean inverse trades to 1.89 1/4c from 1.92 1/2c, though the May/July inverse trades higher to 12 1/2c from 11 3/4c. July/Dec meal trades fro...
PM Post - Upside Soyoil, Downside Wheat
THE OPEN May beans: 4 higher Ma meal: 2.20 lower May soyoil: 31 lower May corn: 1/2 lower May wheat: 4 lower The markets opened as called with wheat prices lower weighing on corn, and beans steady to better. Soyoil futures turned higher following a firmer cru...
Technical Views - Beans/Meal Lead
SPREADS July crush trades 58c/bu while oilshare trades to 39.99%. Bean spreads are firmer with July/Nov trading from 1.85 3/4c to 1.92 1/2c. May/July bean spread trades down to 10 3/4c inverse to 12 1/4c. July/Dec meal falls to $27.70 inverse from $30.60. July/Dec corn i...
AM Outlook - Beans Lead Corn
GOOD MORNING, Prices are mixed overnight with grains weaker vs. firmer soy complex values. Soyoil tracks a lower Asian palm oil trade, as the market enters into a correction phase. Beans remain firm vs. corn as farmers try to head into the fields to begin planting. Since Feb. there...
PM Post - Sideways with Wheat Lower
THE OPEN May beans: 3/4 higher May meal: 1.80 higher May soyoil: 69 higher May corn: 1 higher May wheat: 3 1/2 lower Prices opened as expected with solid gains in the soy complex that worked to put a floor under grains. This also found short-covering as well...
Technical Views - Beans Push for Acres
SPREADS July oilshare trades to 40.21% with crush at 64c/bu. July/Nov bean inverse trades to 1.92c, but closes at 1.86 1/4c. May/July bean inverse trades up to 15c from 13 3/4c. July/Dec meal inverse trades down to $28.60 from $31.10. May/July corn inverse remains firm a...
AM Outlook - Weak Wheat; Soyoil Overbought
GOOD MORNING, The main feature in the night session was that of surging soyoil, supported by continuing higher prices in neighboring vegoils like palm and canola. Soyoil continues to see strength due to surging world vegoil values, tight global supply, and chatter that the US may use soyoil for...
PM Post - Soyoil on a Tear
THE OPEN May beans: 1/2 higher May meal: 3.30 lower May soyoil: 49 higher May corn: 4 1/4 lower May wheat: 3 1/2 lower The early feature of the day was that of higher oilshare, with soyoil futures trading higher despite weakness across the rest of the board. ...
Technical Views - Sideways to Lower
SPREADS July crush trades to 61c/bu while oilshare trades to 39.11%. July/Nov bean inverse firms to 1.88 3/4c from 1.82 3/4c, while May/Jul inverse trends down to 12 1/2c from 13 3/4c. July /Dec meal trades from $34.90 inverse from $32.60. July/Dec corn trades from 68 1/4c dow...
AM Outlook - Defensive or Mixed
GOOD MORNING, Prices started the night on the defensive, with wheat at trading range lows and other markets in recent ranges. Wheat is lower as world values are trending weaker, and Egypt continues to state that its strategic reserves are enough to last through the end of June. Egyp...
PM Post - March Winds and Choppy Trade
THE OPEN May beans: 6 higher May meal: .90 higher May soyoil: 11 lower May corn: 3 1/2 higher May wheat: 1 lower The markets opened as called with the soy complex entering into still higher trade. The sale of corn to China makes it nearly 4 mmt that they have...
AM Outlook - Mixed on Macro Impacts
GOOD MORNING, Prices begin mixed, lower wheat and soyoil vs. firmness elsewhere. The macro impact on the market continues as a weaker energy price, namely crude oil, fuels a sell-off in the soyoil market and provides a needed correction in oilshare. That correction continued overnig...
Technical Views - Sideways Weaker
SPREADS July/Nov bean inverse trades from 1.78 1/4c down to 1.73 1/2c, while May/July trades from 11 3/4c to 13c. July/Dec meal trades from $30.60 inverse down to 11 3/4c. May wheat/corn trades from 86c down to 82c, with target lows at 60c. May/July corn trades to 17c inverse...
PM Post - Early Strength Faded to Profit-taking
THE OPEN May beans: 7 lower May meal: 2.30 lower May soyoil: 67 lower May corn: 3 1/4 lower May wheat: 6 1/2 lower The markets opened as called with grains breaking down led by wheat. Soyoil held on to morning lows which allowed beans to firm, while meal also held...
Technical Views - Headed to the Bottom
SPREADS July crush trades to 57c/bu while oilshare trades to 29.25% in correction mode. July wheat/corn trends lower, placing a trade at 88c from 96c. The trend of this spread is lower targeting 50c. May/July corn trades from 13 3/4c down to 11 1/2c, while July/Nov inverse tra...
AM Outlook - Trapped Sideways
GOOD MORNING, The markets are breaking down to new lows as rains spread across Argentina and funds begin to tire of markets that fail on higher trends. Prices chop back and forth each day, while stronger nearby futures invite more bull-spread activity. The bean and corn basis remain...