News from the EPA over the weekend help push corn and beans higher, reversing earlier wheat losses overnight, as more wheat is coming into Florida from Poland.
News from the EPA over the weekend help push corn and beans higher, reversing earlier wheat losses overnight, as more wheat is coming into Florida from Poland.
Looks like another spring top in place for grains, with wheat peaking seasonally no later than mid-May for the year and already imploded Kansas City wheat $0.90 in three days from the highs.
Poor exports this morning had spot corn and soybeans under pressure again for the downtrend on the week while new crop corn and soybeans tried to catch a bid but nothing exciting for recovery.
The markets collapsed again today, with December corn trading below five dollars while November beans also trade under $12.
The poor crush data yesterday, and soybean oil prices breaking below $0.50 on a stocks build had crude oil leaving the grain complex lower today
Grain futures pushed higher after new crop corn and soybeans pressed new calendar year lows overnight.
After seeing buying early in the week for corn and wheat, those recent gains were erased today as the trade lightens up ahead of Friday's USDA crop report 11:00 a.m.
The grain trade was widely erratic with Algeria buying wheat from Russia creating a sharply lower run that was recovered during the day, while soybeans remained weak.
The downdraft today was created by China's cancellation of another 270,000 metric tons of corn, bringing her total cancellations over the previous weeks to a cool million metric tons.
Confusion over the safe grain corridor being shuttered on May 18 continues, as negotiations are still taking place in the background, with some saying Russia's playing hardball to get what they want. New crop grains for corn and soybeans pulled prices lower after early morning sharp rallies.