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Morning Wire
Another strong overnight weakened somewhat after poor US weekly export sales report this AM
CZ1 on new contract highs due to less rain in Brazilian forecast, Matif wheat running higher also
A lower day yesterday became a turnaround already overnight
Wild gyrations overnight without much really happening. Weather is now the biggest factor for awhile as traders watch Brazilian forecasts and the upcoming rain/snow/potential frosty event for the US N plains, Canadian prairies, and as far south as NE for the cold weather all tonight.
MGE wheat STILL rallying despite some rain in the Sask forecast, Corn still rallying on 10 day dry forecasts for Brazilian safrinha areas. USDA crop report is at 11AM CT today.
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.
Another strong overnight weakened somewhat after poor US weekly export sales report this AM
CZ1 on new contract highs due to less rain in Brazilian forecast, Matif wheat running higher also
A lower day yesterday became a turnaround already overnight
Wild gyrations overnight without much really happening. Weather is now the biggest factor for awhile as traders watch Brazilian forecasts and the upcoming rain/snow/potential frosty event for the US N plains, Canadian prairies, and as far south as NE for the cold weather all tonight.
MGE wheat STILL rallying despite some rain in the Sask forecast, Corn still rallying on 10 day dry forecasts for Brazilian safrinha areas. USDA crop report is at 11AM CT today.
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.
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