Wheat Futures Bounce on Short Covering but Prices Still Down 6.3% For the Week

After sliding most of the week, wheat futures closed Friday with most contracts finding gains ranging between 3% and 4% after a round of bargain buying, but still closed down 6.3% for the week. Ukraine’s 2022 wheat harvest is 91% complete, the Russian invasion has created some ongoing challenges, especially in the east and south. Ukraine’s total grain harvest could fall around 23% below 2021’s record-breaking numbers. The price direction will depend on how much wheat and corn actually comes … Continue reading “Wheat Futures Bounce on Short Covering but Prices Still Down 6.3% For the Week”

Soybean Futures Lower as China Drawdown its Imported Stockpile

Soybean prices closed down .37% for the week, for the week, November beans were down 50 1/4 cents. On Friday spillover strength from corn and wheat lent some support, although more forecasted rains applied downward pressure. China continues to regularly draw down its imported soybean stockpile in an attempt to boost local supplies and tamp down high prices. Brazil is forecast to have a bumper crop this coming season that will help partially cover any production shortfall in Southern Brazil. … Continue reading “Soybean Futures Lower as China Drawdown its Imported Stockpile”

Wheat Futures Prices Lower after WASDE Raised Estimates for All-Wheat Yield

Wheat futures fell Friday after the USDA WASDE report slightly raised estimates for all-wheat yield by 0.2 bushels per acre to 47.5 bpa this month. Supplies saw a modest increase, moving 2 million bushels higher to 1.783 billion bushels. Export estimates for 2022/23 improved 25 million bushels to 825 million. Two more ships carrying wheat and corn set sail from Ukrainian ports earlier today, which brings the total number of cargo ships navigating through the Black Sea up to 14 … Continue reading “Wheat Futures Prices Lower after WASDE Raised Estimates for All-Wheat Yield”

Soybean Futures Higher Despite WASDE Record Soy Output and Yield Estimate

Soybean prices volatility picked up Friday after the US Department of Agriculture WASDE signaled a record domestic soy output of 4.531 billion bushels. Soybeans fell as much as 2.3% to $14.1525 a bushel in Chicago before clawing back to close higher. USDA also raised its soy yield estimate to 51.9 bushels an acre, the highest ever and more than analysts expected. Prices reversed after the latest weather reports of severe heat and dryness since the report was compiled 12 days … Continue reading “Soybean Futures Higher Despite WASDE Record Soy Output and Yield Estimate”

Soybean Support from Chinese Buying and Ongoing Dry Weather Threatening Yields

Soybean prices rallied Friday on Chinese buying of U.S. soybeans and fears that ongoing dry weather will threaten yields. Soyoil rose 3% Friday giving support. For the week Soybeans sill closed down 1.68%, holding most of last week’s biggest weekly gain in 22 years where prices rose 12.41%. Private exporters reported two more large soybean sales, both for 4.9 million bushels to USDA Friday. With the current supply and demand situation in the U.S. relatively tight on soybeans, we need … Continue reading “Soybean Support from Chinese Buying and Ongoing Dry Weather Threatening Yields”

Wheat Futures Prices Sell Off Continued as Consumption Collapses and First New Ukrainian Shipments

Wheat futures fell on Wednesday to a six-month low but gained traction and rose sharply toward the end of the week but still closed down 4% for the week. The selling came as newly harvested supplies met the current global demand. Global wheat consumption is on track for its biggest annual decline in decades as record inflation has forced consumers and companies to use less and replace the grain with cheaper alternatives. Wheat felt the pressure from the first grain … Continue reading “Wheat Futures Prices Sell Off Continued as Consumption Collapses and First New Ukrainian Shipments”

Wheat Futures Prices Soften after Zelenskiy Visits Port Near Odesa.

Wheat prices faltered again this week continued to slide lower, with some contracts down nearly 2% Friday. September MGEX spring wheat futures lost 15.75 cents to $9.1225. On Thursday, commodity funds were net buyers of CBOT wheat (+9,000) contracts. Wheat felt the pressure from the Ukraine and Russia deal brokered by the UN. The deal is for the black sea reopening with Ukrainian wheat, a possible bottleneck in ramping up Ukraine grain exports is damage to the transportation infrastructure which … Continue reading “Wheat Futures Prices Soften after Zelenskiy Visits Port Near Odesa.”

Soybean Complex has Biggest Weekly Gain in 22 Years on Weather and Argentine Hoarding.

Soybean prices saw the biggest weekly gain in 22 years. Soybean oil rose 12.85%, Soybeans rose 12.41% and Soybean Meal rose 11.34% for the week. Soybeans got support from the weather with a hot and dry forecast for the first 10 days or so of August. Support came with Argentine farmers not selling soybeans due to inflation concerns. Argentine farmers would rather store soybeans versus pesos in the bank in their high inflation. The weekly Crop Progress report next week … Continue reading “Soybean Complex has Biggest Weekly Gain in 22 Years on Weather and Argentine Hoarding.”

Soybean Price Support from August Weather Outlook and China and EU Crush Volumes

Soybean prices on Friday swung with grains Friday on the Russian Ukraine port deal in a range of nearly 55 cents today. August weather outlook lends support to futures.  Futures struggled to keep their morning gains with August Soybeans settling at $14.32 ½, up 13 ½ cents on the day.  China’s weekly soybean crush dropped below trade estimates as the result of declining feedstocks and slow soybean meal demand. The EU’s June crush volume fell 12% to the lowest level … Continue reading “Soybean Price Support from August Weather Outlook and China and EU Crush Volumes”

Wheat Futures Prices Continue to Tumble on Black Sea Reopening Deal with Ukrainian Grain

Wheat prices faltered again this week losing 2.3% to be down 2% on the year. Wheat felt the pressure from the Ukraine and Russia deal dropping between 40 and 50 cents across all three classes Friday. The deal is for the black sea reopening with Ukrainian wheat, a possible bottleneck in ramping up Ukraine grain exports is damage to the transportation infrastructure which in reality will take time to fix. French wheat tumbled nearly 70 cents on the port agreement. … Continue reading “Wheat Futures Prices Continue to Tumble on Black Sea Reopening Deal with Ukrainian Grain”