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Morning Wire
A noisy mess overnight, we expect more of the same all week ahead of next Mondays US crop reports
Our advice is to ignore the overnights, a long day of trading remains before the US holiday Sun night/Monday and trading resumption Monday night.
SX2 and CZ2 to test important technical points this AM after breaks in all ags overnight. Unknown buys 396,000 MT US soybeans.
lower technically irrelevant overnight ags, whopping big EU inflation for Aug at 9.1%, lower crude, possible new Chinese covid lockdown situation.
Turnaround Tuesday for wheats and corn (to some degree), continued weakness in soybeans almost to a major support point in SX2. Balance of today for Nov beans will be interesting.
New highs since June in corn, a seesaw night for wheats finally ending marginally higher, beans lower on good US weekend rains in northern soy areas.
A calm cool quiet night session, macros also quiet but Powell speaks today, India threatening rice export curbs of some degree.
Weak ags and quiet macros overnight – except corn which cannot decide if it has priced in the ProFarmer yield loss yet or not.
Corn and soybeans higher to major retracement levels overnight. It will be an interesting day to see whether even more rally is perceived as needed or not.
A noisy mess overnight, we expect more of the same all week ahead of next Mondays US crop reports
Our advice is to ignore the overnights, a long day of trading remains before the US holiday Sun night/Monday and trading resumption Monday night.
SX2 and CZ2 to test important technical points this AM after breaks in all ags overnight. Unknown buys 396,000 MT US soybeans.
lower technically irrelevant overnight ags, whopping big EU inflation for Aug at 9.1%, lower crude, possible new Chinese covid lockdown situation.
Turnaround Tuesday for wheats and corn (to some degree), continued weakness in soybeans almost to a major support point in SX2. Balance of today for Nov beans will be interesting.
New highs since June in corn, a seesaw night for wheats finally ending marginally higher, beans lower on good US weekend rains in northern soy areas.
A calm cool quiet night session, macros also quiet but Powell speaks today, India threatening rice export curbs of some degree.
Weak ags and quiet macros overnight – except corn which cannot decide if it has priced in the ProFarmer yield loss yet or not.
Corn and soybeans higher to major retracement levels overnight. It will be an interesting day to see whether even more rally is perceived as needed or not.
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