Date archive: June 2013

Values tugged lower with row crop weakness. Weekly sales of 432,000 tons vs 842,000 last year. Russia reported projecting exportable wheat surplus at 18 to 20 mmt vs USDA’s 17 mmt forecast. US HRW and SRW wheat harvest ramping up. Numerous reports of better than expected HRW and SRW yields prompts ideas of an eventually…

Values retracing part of Wednesday’s gains. Trade influenced by a clear slowdown in weekly export sales. Soybean sales of only 52,600 vs 163,000 last year and near 163,000 tons tolerable to reach USDA export forecast. New crop sales of 108,000 vs 444,000 last year. Soymeal sales at a marketing year low of only 26,600 vs…

Values retracing much of Wednesday’s gains partially reacting to a sharp selloff in world equities, gold and crude in the aftermath of Fed comments. Nearby spreads tightening again with barge corn values higher. Weather forecast finds above normal temperatures now common in the western belt with scattered chances of rains in the eastern two-thirds of…

Values surging on technical buying with moving averages turning and funds reported short 22,000 contracts of Chicago wheat. More fundamentally the trade is reacting to news of China buying 200,000 tons of French wheat after earlier rumors of China buying Australian and inquiring over US offers. EU wheat closing up 11. Values rallying despite expansion…

Values trading higher with across the board grain strength led by the new crops. Funds liquidating overly popular long July – short November spreads ahead of first notice day deadline when funds are required to be liquidated down to 600 July contracts. Well respected Informa estimating new crop US soy plantings at 77.7 million vs…

Values surging higher on the day that started last year’s mega drought price rally. Last year of course saw a US carryout estimate of 1.88 billion bushels in June collapse to a rationed carryout estimate of no more than 602 million by January. USDA projecting new crop carryout today at 1.9 billion. Amazingly, after experiencing…

An erratic session with Minneapolis retracing recent gains. US spring wheat 92% planted. Spring crop rated 68% good vs 76% last year. Spring Wheat Conditions Pct G/E Pct   G/E Year Ago ND 76 87 SD 64 59 MN 55 71 MT 62 70 WA 34 71 NATL 68 76   US winter wheat 31%…

Another erratic session with nearby values closing nearly 20 cents off of their midday highs. Old-new spreads contracting after surging early. Talk of interior US soybean processors pushing bids for cash nearby supplies by 10 to 20 cents or more. Illinois River basis some 25 cents over DVE with only eight business days to first…

An erratic session with new crop futures gaining sharply on July by the end of the day. Funds liquidating bull spreads with seven business days ahead of first notice day. Conventional funds need to be liquidated down to 600 contracts in the July. Spreads narrowing despite Illinois River basis as much as 50 cents over…

An erratic trade with US weekly export inspections at 21.5 million, nearly identical to that of a year ago. Trade watching skyrocketing prices in Argentina and internal sourcing difficulties in Egypt. Trade watching some dryness in Australia and FSU areas. US HRW areas had weekend rains with harvest expected to ramp up again this mid…

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