Along with the weather creating the rally in grain prices, Russia stepped into the news again, and we explain.
Along with the weather creating the rally in grain prices, Russia stepped into the news again, and we explain.
The safe grain corridor is closed, and bombing on the Crimean bridge did not help matters. Yet prices went from sharply higher overnight to lower.
Corn has rallied $0.30 since Wednesday's crop report closing well over five dollars on a Friday and we explain why.
Grain futures are on the rebound with corn also gaining double-digit prices as value seems to be found in the short term after yesterday's bearish WASDE crop report.
Soybeans jump over $0.20 higher in the night session as crop ratings did not show the improvements Monday afternoon many were hoping for.
China stopped the decline in soybeans when its lows went on Friday, is a step in, and bought 10-14 cargoes of soybeans over the weekend and today. This has thrown support in the corn trade with December dancing with the $5.00 mark.
Rains showing up for the driest southern Minnesota and Northern Iowa area picked up good rain potential in the 6-10 day forecast. This caused soybeans to close lower on the week with corn giving up all its gains in wheat retreating sharply as well.
Crop losses in Russia along with revelation that the spring wheat crop is not improving, pushed wheat futures $0.50 higher on the session.
Follow-through buying in the Sunday night/Monday session had seen spot July soybeans and delivery trade up to $16 before retreating $0.30 as deferred soybean contracts also large overnight gains from last Friday's bullish USDA crop report.
