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Morning Wire
A choppy mess in US ags overnight while we await the long US weekend. Delivery intentions vs Sep futures yesterday afternoon featured US hard wheat but no soft wheat or corn.
New contract lows overnight for KC wheat, spring wheat, and Matif wheat. Weekly US ag export sales good to great. Nothing highly out of line in the StatsCan crop report.
Lower US ags overnight led by wheat as Black Sea FOB offers reportedly breaking and Australian wheat crop projected 32-35 MMT “with potential to go higher” vs 27.5 MMT 10 yr avg.
Beans higher on rumors of a minor official US-China meeting re trade, other ags mainly unch.
Corn continues its rally on fund shortcovering off imperfect recent and forecast precip along with excellent export demand. Wheats follow but find resistance overnight at ma lines.
A quiet US ags night overnight as macro/financial traders await the Powell speech this AM
A rally overnight off possible US/EU trade deal, good export sales for US ags this AM reported on weekly wire, and some rumors of Chinese interest in US wheat.
A fairly quiet overnight with a late bounce to slightly higher in wheats but not row crops.
Lower overnights. US row crops on good ProFarmer crop tour results, wheats just being wheats trying for new lows as Sep options come to expiration.
A choppy mess in US ags overnight while we await the long US weekend. Delivery intentions vs Sep futures yesterday afternoon featured US hard wheat but no soft wheat or corn.
New contract lows overnight for KC wheat, spring wheat, and Matif wheat. Weekly US ag export sales good to great. Nothing highly out of line in the StatsCan crop report.
Lower US ags overnight led by wheat as Black Sea FOB offers reportedly breaking and Australian wheat crop projected 32-35 MMT “with potential to go higher” vs 27.5 MMT 10 yr avg.
Beans higher on rumors of a minor official US-China meeting re trade, other ags mainly unch.
Corn continues its rally on fund shortcovering off imperfect recent and forecast precip along with excellent export demand. Wheats follow but find resistance overnight at ma lines.
A quiet US ags night overnight as macro/financial traders await the Powell speech this AM
A rally overnight off possible US/EU trade deal, good export sales for US ags this AM reported on weekly wire, and some rumors of Chinese interest in US wheat.
A fairly quiet overnight with a late bounce to slightly higher in wheats but not row crops.
Lower overnights. US row crops on good ProFarmer crop tour results, wheats just being wheats trying for new lows as Sep options come to expiration.
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