Agriculture News
Overnight price action in the grain and soy markets was quiet and choppy.
The winter wheat CCI ratings are below the five-year averages, especially the HRW crop.
Short-term trend turns bullish for SRW wheat, soyoil.
Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.
Disconnect between prices and production threatens to create a “volatility trap” in commodities and discourage investment in the sector, something that could threaten the supercycle.
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The amount of U.S. winter wheat considered in drought conditions remained constant at 69%
Sharp weekly increases in cash prices of corn, soybeans and wheat.
Grain and soybean futures posted two-sided trade overnight, with wheat and corn narrowly mixed and soybeans under pressure this morning.
Winter wheat futures found strong followthrough buying in leading overnight gains in the grain and soy complex. December corn futures pushed to a contract high for a third straight session.
Both the HRW and SRW crops showed mild improvement over the past week.
Wheat and corn futures are being supported by supply concerns amid the ongoing war between Russia and Ukraine. Soybeans are under pressure to open the week amid pressure from weakening crude oil prices.
Short-term trend turns up for corn, down for crude oil.
Wheat and corn futures were supported by solid followthrough buying from last week’s gains in overnight trade, while soybeans weakened.
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