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Morning Wire
A choppy overnight trade. Bad crop progress/conditions met with skepticism is concerning to us.
Unexpectedly heavy western rains in the southern plains over the weekend. Otherwise continued concerns. US progress reports this afternoon are highly anticipated.
A quiet night in world ag futures and macros, everyone is now watching Brazilian and US weather for hints as to the next move direction.
More rally in world ags driven by US S plains, N plains, eastern corn belt weather problems AND Brazilian safrinha weather problems AND Chinese ag buying interest.
Overnight was about vegoils as Malaysian palmoil and canola and US beanoil all screamed higher. Malaysian export bans are now including refined palmoil.
Rallying US winter wheats overnight off poor crop conditions report, StatsCan this AM showed very high Canadian wheat plantings at the expense of canola plantings.
Traders trying to get a handle on how bad the China covid problem is, US HRW dryness and HRS wetness concerns remain.
Indo bans palmoil exports again, US soyoil rallies. Private exporters this AM reported 1.35 MMT of US corn to China, 281,000 MT of US corn to Mexico, and 144,000 MT of US soybeans to Mexico.
A quiet night with late softness off poor weekly US export sales
A choppy overnight trade. Bad crop progress/conditions met with skepticism is concerning to us.
Unexpectedly heavy western rains in the southern plains over the weekend. Otherwise continued concerns. US progress reports this afternoon are highly anticipated.
A quiet night in world ag futures and macros, everyone is now watching Brazilian and US weather for hints as to the next move direction.
More rally in world ags driven by US S plains, N plains, eastern corn belt weather problems AND Brazilian safrinha weather problems AND Chinese ag buying interest.
Overnight was about vegoils as Malaysian palmoil and canola and US beanoil all screamed higher. Malaysian export bans are now including refined palmoil.
Rallying US winter wheats overnight off poor crop conditions report, StatsCan this AM showed very high Canadian wheat plantings at the expense of canola plantings.
Traders trying to get a handle on how bad the China covid problem is, US HRW dryness and HRS wetness concerns remain.
Indo bans palmoil exports again, US soyoil rallies. Private exporters this AM reported 1.35 MMT of US corn to China, 281,000 MT of US corn to Mexico, and 144,000 MT of US soybeans to Mexico.
A quiet night with late softness off poor weekly US export sales
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