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Morning Wire
The great way-too-early fund buying spree in HRS off N plains dryness continues and frankly is approaching hysteria levels
Continued dryness in Brazilian safrinha areas and US N Plains/Canadian Prairies dominates an otherwise quiet ag news front. Ag futures trade braces for the beginning of the Index rolls out of May contracts tomorrow, and for the next USDA crop report Friday during the session.
Overnight trade higher, but not much damage done yet. However, we feel like there is enough there to worry about the upside again.
Sloppy overnight with new crop SX the firmest. This AM private exporters report the sale of 130,000 MT of US SRW to unknown for 21/22 delivery.
Still bullish overnight off the crop reports, but weekly export sales were poor and prices softened by the overnight end in all but new crop row crop futures.
Report Day us upon us, finally. If the prospective plantings come out huge theres downside. If the corn stocks remain huge theres downside. But other than that its probably a buy the fact report.
Quiet overnights awaiting crop reports tomorrow, Private exporters report 100K US corn sold to Unknown, ABARE reports La Nina is dead..
Still awaiting Prospective Plantings as funds sell off length.
The great way-too-early fund buying spree in HRS off N plains dryness continues and frankly is approaching hysteria levels
Continued dryness in Brazilian safrinha areas and US N Plains/Canadian Prairies dominates an otherwise quiet ag news front. Ag futures trade braces for the beginning of the Index rolls out of May contracts tomorrow, and for the next USDA crop report Friday during the session.
Overnight trade higher, but not much damage done yet. However, we feel like there is enough there to worry about the upside again.
Sloppy overnight with new crop SX the firmest. This AM private exporters report the sale of 130,000 MT of US SRW to unknown for 21/22 delivery.
Still bullish overnight off the crop reports, but weekly export sales were poor and prices softened by the overnight end in all but new crop row crop futures.
Report Day us upon us, finally. If the prospective plantings come out huge theres downside. If the corn stocks remain huge theres downside. But other than that its probably a buy the fact report.
Quiet overnights awaiting crop reports tomorrow, Private exporters report 100K US corn sold to Unknown, ABARE reports La Nina is dead..
Still awaiting Prospective Plantings as funds sell off length.
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