Grain prices broke hard last night on improving the euro weather model for rain next week, while the GFS this morning started reducing rains for next week, and so up we go.
Grain prices broke hard last night on improving the euro weather model for rain next week, while the GFS this morning started reducing rains for next week, and so up we go.
An extremely chaotic day today while the wheat market continues to crumble despite crop concerns and Australia and Russia, while rains put pressure on new crop corn and soybeans. Old crop soybeans had a different outlook for the day, which included strength.
Yes, there was a dam in Ukraine that gave way, but that didn't destroy any production of wheat in Ukraine. It's the threat of possible nuclear reactor issues which could threaten the crop, but we debunked that along with discussing the crop ratings and whether.
Russia is suggesting there'll be no grain corridor after mid-July, but does it they'll be no grain corridor after mid-July, but does it really matter as wheat continues to move from Russia at extremely depressed levels. Weather forecasts today show hope for rain in the Midwest around June 17.
The grain trade was knuckled lower to start the week on prospects of rain for June 12 through the 15th and dry central Illinois and eastern Iowa area, and the forecast since Wednesday has been pulling that rain to the West, which has excited the markets to new highs today over last week's highs for […]
Fundamental data does not carry much strength anymore as weather markets that are focused on Iowa and Illinois create the action.
After tumbling again sharply lower overnight when China released its PMI that was negative, crude oil tumbled over to have dollars a barrel, dragging grains into the 27 lower mark for soybeans and wheat along with corn down some $0.15 before buying save the day.
Grain futures are sharply higher today except for Kansas City wheat, as weather concern for the Midwest come front and center.
It was a topsy-turvy day with wheat arresting the decline that got underway last week stalling Kansas City at 8.00, while Chicago stopped at 6. 00 and short covering and sued. Meanwhile, spot corn is a strong market and we explain why.
It's been quite the day, but the big story is Kansas City wheat heading right back to the lows made early in the week after a $0.40 bounce this week. We break it down.
