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Morning Wire
Mixed messages with a lower ag start and a rebound and a crude break that stalled and rebounded also.
A quiet US ag overnight, Dalian corn catches recent US corn gains and posts new daily chart highs.
US wheat led gains off further Russia/Ukraine tensions. S American forecasts muddled enough to give world row crop traders confused ideas.
higher wheats, lower US row crops after better rains forcast for Argentina. But before getting too bearish, crude is higher and S Brazil forecasts are hot and dry for 10 more days…
Lower again in world wheats, slightly higher in US row crops, macros benign, above normal precip now forecast for N Argentina the next two weeks.
Lower overnight ags despite a lower US Dollar as forecasts lean wetter in Arg and S Brazil in new forecasts. Iraq buys only 150,000 MT Australian wheat, and US weekly export sales were stinky other than soybeans.
Report day today, overnights were inconsequential in ags and macros other than crude continuing to rally
Conab numbers came out today with unsurprisingly smaller cuts than reality, US crop reports tomorrow. Its a buckle up and wait day in ag futures.
US and world ag markets still coiling awaiting the Conab and USDA montly crop reports this week. Macros not doing anything technically significant either.
Mixed messages with a lower ag start and a rebound and a crude break that stalled and rebounded also.
A quiet US ag overnight, Dalian corn catches recent US corn gains and posts new daily chart highs.
US wheat led gains off further Russia/Ukraine tensions. S American forecasts muddled enough to give world row crop traders confused ideas.
higher wheats, lower US row crops after better rains forcast for Argentina. But before getting too bearish, crude is higher and S Brazil forecasts are hot and dry for 10 more days…
Lower again in world wheats, slightly higher in US row crops, macros benign, above normal precip now forecast for N Argentina the next two weeks.
Lower overnight ags despite a lower US Dollar as forecasts lean wetter in Arg and S Brazil in new forecasts. Iraq buys only 150,000 MT Australian wheat, and US weekly export sales were stinky other than soybeans.
Report day today, overnights were inconsequential in ags and macros other than crude continuing to rally
Conab numbers came out today with unsurprisingly smaller cuts than reality, US crop reports tomorrow. Its a buckle up and wait day in ag futures.
US and world ag markets still coiling awaiting the Conab and USDA montly crop reports this week. Macros not doing anything technically significant either.
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