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Morning Wire
Mixed overnight with soybeans cratering lower once again
Lower overnight ags. New contract lows for row crops and near July lows for wheats despite the US crop report looming midday today.
Ags rally overnight independent of quiet macros other than crude up a bit. Not too much news to support this rally, potentially its shortcovering ahead of the Monday USDA crop report.
Very slightly higher in row crops, slightly higher in wheats overnight. Yawn. Macros continue to erase some of the big moves from earlier this week and stabilize.
Higher wheats overnight on the Egypt and Algeria tenders, lower row crops. Beans testing 2024 lows.
Macros on slight to moderate reversals overnight, US and world ags mainly lower but not into new lows with a few exceptions.
Macro hysteria on world recession fears sends ags generally lower overnight, but not quite low enough yet to be technically bearish.
Almost all macro futures making big moves this AM after a poor US jobs report this morning. Ags quiet and on the edge of breaking through resistance but not quite there overnight.
Only a couple cents, but more new Dec corn lows overnight. Beans slightly lower but above lows. Wheats on an inside night 3-5 cent bounce.
Mixed overnight with soybeans cratering lower once again
Lower overnight ags. New contract lows for row crops and near July lows for wheats despite the US crop report looming midday today.
Ags rally overnight independent of quiet macros other than crude up a bit. Not too much news to support this rally, potentially its shortcovering ahead of the Monday USDA crop report.
Very slightly higher in row crops, slightly higher in wheats overnight. Yawn. Macros continue to erase some of the big moves from earlier this week and stabilize.
Higher wheats overnight on the Egypt and Algeria tenders, lower row crops. Beans testing 2024 lows.
Macros on slight to moderate reversals overnight, US and world ags mainly lower but not into new lows with a few exceptions.
Macro hysteria on world recession fears sends ags generally lower overnight, but not quite low enough yet to be technically bearish.
Almost all macro futures making big moves this AM after a poor US jobs report this morning. Ags quiet and on the edge of breaking through resistance but not quite there overnight.
Only a couple cents, but more new Dec corn lows overnight. Beans slightly lower but above lows. Wheats on an inside night 3-5 cent bounce.
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