Soybean Prices were Down 3.8% for the Week Soyoil Now Down for Six Weeks in a Row

Soybean prices on Friday for August were down roughly 5 cents while November was quietly higher. Soybean oil was up sharply rallying near the 10-day average for the first time since June 9. For the week, soybeans were down 3.8%, soymeal was down 3.0% and soyoil was down 3.7%. Soyoil has fallen for six weeks in a row. Soybean processors crushed more than expected 164.677 million bushels of soybeans during June, but the crush was still the smallest in nine … Continue reading “Soybean Prices were Down 3.8% for the Week Soyoil Now Down for Six Weeks in a Row”

Wheat Futures Prices Fell 12.9% This Week on Black Sea Reopening Rumors with Ukrainian Grain

Wheat prices faltered again this week losing 12.9% to be up just 1% on the year. September Chicago Wheat closed at 7.76 ¾, down 18 ¼ cents on the day. Wheat prices have been swinging wildly on rumors of the possibility the black sea may be 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. In the US the market focus right … Continue reading “Wheat Futures Prices Fell 12.9% This Week on Black Sea Reopening Rumors with Ukrainian Grain”

Wheat Futures Prices Recovered 6.0% Last Week as Exports Rose 19% From Last Week’s Volumes

Wheat prices surged on Friday $0.54-$0.60/bushel with short covering and a continual bounce in risk assets. Wheat exports rose 19% from last week’s volumes to 10.5 million bushels through the week ending June 30 also fueling futures. Chicago futures are now trading just under the $9/bushel benchmark while Kansas City futures soared over that benchmark Friday. Minneapolis futures are just under the $10/bushel benchmark. Western hemisphere and Asian buyers continued to be the top purchasers of new U.S. wheat export … Continue reading “Wheat Futures Prices Recovered 6.0% Last Week as Exports Rose 19% From Last Week’s Volumes”

Soybean Prices Recover with Strong Export Volumes and Waning Recession Fears

Soybean prices on Friday rose $0.27-$0.33/bushel with new crop prices closing the week higher, recovering Monday’s heavy losses on waning recession worries with the strong US job numbers. Bulls liked weekly export volumes being nearly double (+95%) of last year’s volumes since the beginning of March despite total marketing year to date volumes 11% lower than a year ago. New sales of 2022/23 soybean exports grew by over 4 million bushels from last week’s 8.8 million bushels. Eyes returned to … Continue reading “Soybean Prices Recover with Strong Export Volumes and Waning Recession Fears”

Wheat Futures Prices Fall Another 10.2% For the Week, Russian Production Forecast to Rise 13%

Wheat prices continued to slip on Friday, with French consultancy Agritel forecasting 2022/23 Russian wheat production to rise year-over-year more than 13%.  The USDA’s Thursday morning release of the June 30 Acreage report all-wheat acres firmed 1% higher from last season, with 47.1 million acres. September Chicago SRW futures fell 43 cents to $8.41. Wheat prices sank another 10.2% this week, after last week’s 10.5% losses, it leaves wheat still up 9% higher on the year. The futures are down almost … Continue reading “Wheat Futures Prices Fall Another 10.2% For the Week, Russian Production Forecast to Rise 13%”

Soybean Prices Sell Off after Demand Concerns in USDA’s Acreage Report and Midwestern Forecasts

Soybean prices selling on Friday picked up despite the initial bullish looking numbers from USDA’s Thursday morning release of the June 30 Acreage report. USDA took off 2.6 million acres from the March 31 soybean planting estimate, dropping it to 88.3 million acres.  However, the results for soybeans hinted at smaller than expected demand usage rates between March 1, 2022 and June 1, 2022. Favorable Midwestern forecasts along with lurking recession worries added to demand worries. July futures tumbled 53 … Continue reading “Soybean Prices Sell Off after Demand Concerns in USDA’s Acreage Report and Midwestern Forecasts”

Soybean Prices Bounce Off Four Week Lows Friday with Support from Corn and Other Commodities

Soybean prices recovered on Friday following some other commodities higher such as corn and crude oil after seeing four-week lows earlier in the week. July futures rose 15.75 cents to $16.09, with August futures up 10.5 cents to $15.25. Soybeans have been tracking lower palm oil prices as Indonesia is allowing more exports after they had capped them cap earlier in the year. China’s national grain trade center announced Friday it will auction 18.4 million bushels of its imported soybean … Continue reading “Soybean Prices Bounce Off Four Week Lows Friday with Support from Corn and Other Commodities”

Wheat Futures Prices Fall 10.5% For the Week, Egypt has Strategic Reserves For 5.7 Months

Wheat prices sank 10.5% on the week erasing some of the inflationary pressures, though it leaves wheat still up 22% higher on the year. The futures are down almost 50% from the pandemic break up. On Friday most contracts were down another 1.25% as harvest progress across the Northern Hemisphere continues to be the overriding factor. After the market close Egypt, the world’s top wheat importer and sources a large percentage of its supplies through Ukraine, has strategic reserves of … Continue reading “Wheat Futures Prices Fall 10.5% For the Week, Egypt has Strategic Reserves For 5.7 Months”

Soybean Prices at Four Week Lows Dragged Down by Lower Palm Oil Prices

Soybean prices pulled back Tuesday to a four-week low. Soybeans are tracking lower palm oil prices as Indonesia is allowing more exports after they had capped them cap earlier in the year. Soybean prices saw a spillover weakness from corn and wheat spurred some technical selling today also. Soybeans at $16.67 USD/Bu are within striking distance from the record-high of $18 hit in 2012 underpinned by concerns hot weather in the US could damage yields. Another deep concern is soaring … Continue reading “Soybean Prices at Four Week Lows Dragged Down by Lower Palm Oil Prices”

Wheat Futures Prices Recover Some of Last Week’s Sell off on Steady WASDE Report

Wheat prices closed mostly higher Friday after the USDA’s latest World Agricultural Supply and Demand Estimates report (WASDE). The report had nothing particularly new, USDA’s outlook for wheat includes a trend of increased supplies, steady domestic use, unchanged exports and higher stocks. The move higher of the week of 3% felt a lot like technical buying and position squaring on last week’s 10% tumble on Putin’s promises of opening up shipments. Wheat Futures Highlights Wheat dipped 3.0% on the week … Continue reading “Wheat Futures Prices Recover Some of Last Week’s Sell off on Steady WASDE Report”