Corn is trading lower as better rain is forecast in the Southern Plains over the next 7 days and temperatures in the Corn Belt are expected to warm up.
US corn export demand is still very sluggish with export commitments down 33% from a year ago.
Conditions for Brazil’s second crop corn have been beneficial, and they are now offering corn at a sharp discount to US prices
Russia is threatening to end the Black Sea grain deal if the G7 decides to ban Russian exports.
Soybeans are trading higher with some help from soybean meal while soybean oil is lower despite higher crude oil.
The US has purchased Brazilian soybeans after their prices dropped significantly, but this should not come as a shock considering that this happens nearly every year.
The CFTC’s Commitment of Traders showed funds as net buyers the previous week, increasing their net long position to 135,000 contracts.
There is talk that Ukraine will plant more oilseeds, which is offering resistance to global vegetable oil markets.
Wheat futures are mixed to lower as weather forecasts vary with some rain in the Texas panhandle, but Kansas is still painfully dry and spring wheat areas received more snow.
Last week’s crop progress for hard red winter wheat was only rated 27% good-to-excellent and those numbers are unlikely to improve with the recent weather conditions.
Russia is threatening to end Ukrainian grain shipments through the Black Sea which could be supportive for US prices.
Friday’s CFTC report showed funds holding a net short position of 105,000 contracts of Chicago wheat.
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.
