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 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.
EPA came out with the news to help send grain futures higher after dropping all week to lower fuel costs during the major driving. They will allow 15% ethanol which will use an extra 45-75 Mil Bu of old crop corn depending on the effects of the recession that constantly is being forecasted.
China is at it again, canceling another 327,000 MTs of corn purchased back in March. This brings total purchases year to date of just over 2 million metric tons bought in March, now that canceled 40% of those in lieu of waiting for cheaper beans out of Brazil in July.
Canada's wheat acreage jumped 1.3 million acres over last year and 600,000 acres more than their estimates for this morning, putting heavy pressure to the downside on spring wheat which drug the rest of the wheat contracts lower. Of course, as wheat went lower, it puts downward pressure to corn, keeping selling across the grain […]
Prospects of 2-3 inches of rain across the HRW Western wheat belt has sent wheat prices for new crop down $0.90 from last week's Monday high. Corn is stabilizing after hearing of yesterday's cancellations from China and cheap Brazilian offers for July forward.
The corn market was rocked today again after already stumbling last week heavily with soybeans and wheat on news that China's doing some canceling.
Wheat futures are finding strength as Russia is standing its ground on the 60-day extension of the grain corridor, we update why that is, along with reporting on China's corn buying antics.
Wheat futures are finding strength as Russia is standing its ground on the 60-day extension of the grain corridor, we update why that is, along with reporting on China's corn buying antics.
