Sharply lower crude oil yesterday (and so far today) may be the result of renewed economic concerns, with the Fed expected to raise interest rates this afternoon. This pressure could spill over into commodities.
The second crop (safrinha) corn in Brazil is in good condition. Southern and western Brazil have chances of showers over the next week or so.
Once the safrinha corn crop is harvested (around the July time frame) it could flood the market due to record crop size and lack of storage availability in Brazil.
A return to warmer and drier conditions for much of the Midwest should result in a pickup in planting pace.
Due to a lack of storage, Brazilian soybeans continue to flood the market. This is offering weakness to US futures and cash (and may lower US exports).
Higher temperatures (60s and 70s) in the Dakotas over the next couple weeks should help get the soybean crop planted there.
The drop in crude oil is weighing on soybean oil, which is in turn pressuring soybeans.
Daily stochastics show that both old and new crop soybeans are oversold – this could indicate that they are probing for a bottom.
Egypt bought wheat from Romania and Russia. The Russian wheat was purchased at $260 per ton. Russia had previously encouraged a $275 price floor on exports. (US SRW wheat is currently the world’s cheapest but is at a freight cost disadvantage).
Russia is engaging in talks to extend the Black Sea export deal. However, many feel that they will not extend the agreement again without reduced sanctions.
The Oklahoma wheat tour projected their crop at 54.3 mb. This would be the lowest crop since 1955.
The GFS weather model is projecting rains of up to 5-7 inches in parts of Nebraska and Kansas next week. The European model is drier, however.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
Sharply lower crude oil yesterday (and so far today) may be the result of renewed economic concerns, with the Fed expected to raise interest rates this afternoon. This pressure could spill over into commodities.
The second crop (safrinha) corn in Brazil is in good condition. Southern and western Brazil have chances of showers over the next week or so.
Once the safrinha corn crop is harvested (around the July time frame) it could flood the market due to record crop size and lack of storage availability in Brazil.
A return to warmer and drier conditions for much of the Midwest should result in a pickup in planting pace.
Due to a lack of storage, Brazilian soybeans continue to flood the market. This is offering weakness to US futures and cash (and may lower US exports).
Higher temperatures (60s and 70s) in the Dakotas over the next couple weeks should help get the soybean crop planted there.
The drop in crude oil is weighing on soybean oil, which is in turn pressuring soybeans.
Daily stochastics show that both old and new crop soybeans are oversold – this could indicate that they are probing for a bottom.
Egypt bought wheat from Romania and Russia. The Russian wheat was purchased at $260 per ton. Russia had previously encouraged a $275 price floor on exports. (US SRW wheat is currently the world’s cheapest but is at a freight cost disadvantage).
Russia is engaging in talks to extend the Black Sea export deal. However, many feel that they will not extend the agreement again without reduced sanctions.
The Oklahoma wheat tour projected their crop at 54.3 mb. This would be the lowest crop since 1955.
The GFS weather model is projecting rains of up to 5-7 inches in parts of Nebraska and Kansas next week. The European model is drier, however.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
