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Morning Wire
Macro, weather, and poor export sales led meltdown of US ag futures overnight leaves markets looking ripe for spec long liquidation
Turnaround Wednesday for all the US ag futures except soybeans
Lower again on continued ideas of cooler/wetter US weather. Caveat is SN higher and CN/CZ higher
Complete washout on an inch of rain for areas of WI-IL-IA plus a 8-14 day forecast lacking heat and adding wet to the eastern half of the US
Lower overnights on good rains for ND/Canada overnight and position squaring post-report
Conab cuts Safrinha 10 MMT. Crop report today. Overnights were meaningless
Row crops and winter wheats slightly lower on profittaking ahead of report, spring wheat gets crushed due to the rains happening
A minor reversal overnight in wheats, both old crop and new crop row crops higher this time. Trade is rolling indexes out of July’s and awaiting the Thursday crop report
Row crops have taken over as bullish US ag futures leader as IA goes hot/dry while Canadian prairies/ND get 1-5 day forecasts for good rains
Macro, weather, and poor export sales led meltdown of US ag futures overnight leaves markets looking ripe for spec long liquidation
Turnaround Wednesday for all the US ag futures except soybeans
Lower again on continued ideas of cooler/wetter US weather. Caveat is SN higher and CN/CZ higher
Complete washout on an inch of rain for areas of WI-IL-IA plus a 8-14 day forecast lacking heat and adding wet to the eastern half of the US
Lower overnights on good rains for ND/Canada overnight and position squaring post-report
Conab cuts Safrinha 10 MMT. Crop report today. Overnights were meaningless
Row crops and winter wheats slightly lower on profittaking ahead of report, spring wheat gets crushed due to the rains happening
A minor reversal overnight in wheats, both old crop and new crop row crops higher this time. Trade is rolling indexes out of July’s and awaiting the Thursday crop report
Row crops have taken over as bullish US ag futures leader as IA goes hot/dry while Canadian prairies/ND get 1-5 day forecasts for good rains
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