Grain futures are higher in the early morning trade as some as headline risk looms into the weekend. Corn Technicals (May) May corn futures are fractionally lower in the early morning trade as prices linger near our pivot pocket from 431 1/2-435, which just happens to be right near the middle of first support and first resistance. We like the upside...
From a technical perspective, Anheuser-Busch InBev (AB InBev) presents an attractive opportunity due to a substantial drawdown of over 20% since April, attributed to a perceived shift toward 'wokeness.' This phenomenon, commonly expressed as "go woke go broke," often reflects boycotts against companies embracing diversity, equity, and inclusion, or, in AB InBev's...
Wheat futures have broken out of a falling wedge pattern on positive divergence. The price broke out of the wedge to the upside, then it back-tested the wedge from above, and proceeded to move up aggressively today. This is an objective buy signal. The most common investment vehicle for this trade is WEAT, an ETN backed by wheat futures.
The failed rebellion by the Wagner group over the June 24th weekend brought to light not only the ineptitude of the Russian top military command but also the carefully crafted image of President Putin as the guarantor of stability. Putin’s assertion that the quick end of the 24-hour revolt had shown the unity of Russians behind him was contradicted by footage of...
MOSUSD Weekly neutral with a bullish bias. Recommended ratio: 55% MOS, 45% Cash . *Fertilizer and grain prices are going down as supply chains ease due to a deal between Russia, Belarus and Ukraine that allows sanctions on fertilizer exports from Belarus and Russia to be lifted in exchange for Russia allowing Ukraine to resume grain exports from the Black Sea...
Corn price sentiment is turning bearish according to the GrainStats.com community. They have been bullish for the past 6 months and have been right. The question is if the bear trend is here to stay and will it continue into the harvest months. Time will tell, until then a crop still needs to be made for bears to capitalize on bearish positions.
Corn Fundamentals: Corn futures have traded both sides of unchanged in the overnight and early morning session as prices consolidate ahead of end of month, end of quarter, and all-important USDA report. The range of estimates for acres comes in from 88.4-91.0 million. In March the USDA was at 89.5. The average estimate for US corn stocks as of June 1 is 4.345...
Corn Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract. Fundamentals: Yesterday’s crop progress showed deteriorating crop conditions (though still better than last year at this time) with good/excellent ratings at...
Soybeans Fundamentals: Soybean futures are higher this morning after yesterday’s crop progress report showed a drop in good/excellent conditions of 3%. Keep in mind that we are still 5% better than where we were at this time last year. All eyes will be on Thursday’s USDA report. The range of estimates for planted acres is 89.2-92.4 million, the USDA was at 91.0...
Soybeans (July) Technicals: July soybean futures got hit hard last night and remain under pressure in the early morning trade. 4-star support from 1644 ¾-1650 looked as though it would hold into options expiration, with yesterday’s low coming in at 1647 ½. Those hopes evaporated quickly last night as the breakdown below support accelerated the selling, taking us...
Corn (July) Technicals: July corn futures are weaker in the overnight/early morning trade. Though it looks ugly on the screen, we have not broken below our significant support pocket, 747-753. As mentioned from the start of the week, July options expiration may be the catalyst to help July corn futures stabilize into the end of the week. December corn….no that’s...
Corn Technicals: In yesterday’s morning report we wrote that the early morning weakness below the 50-day moving average (near 780), stating that it “opens the door for a potential retest of significant support from 747-753”. That support was tested and held to a T through the session and in the overnight/early morning trade. Now it’s up to the Bulls to defend it...
WEAT is breaking down as grain futures get hit hard following a long holiday weekend. July Chicago wheat is currently down 35 cents. July KC Wheat is down 49 cents. We write daily grain commentary and have noted many times over the last few months that a lot of the Bullish news is already known and baked into the cake. No new news to feed the Bulls could...
Wheat Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 5,736 futures/options through June 14th. This shrinks their net long to 6,939. Broken down that is 77,203 longs VS 70,264 shorts. Technicals: Wheat futures are breaking below the low end of the trading range, trading to their lowest price since the first week of...
Soybeans Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 4,217 futures/options through June 14th. This expands their net long to 163,146. Broken down that is 174,546 longs VS 11,400 shorts. Technicals: Soybeans are sharply lower to start the week, trading right near the 50-day oving average at the morning intermission,...
Corn Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 13,858 futures/options through June 14th. This expands their net long position to 278,185. Broken down that is 329,725 longs VS 51,540 shorts. Technicals: Corn futures were sharply higher on Friday morning, but posted their high within the first minute of the “floor...
Wheat Fundamentals: This morning’s weekly export sales report showed net sales of 236,900 metric tons (MT) for 2022/2023. Technicals: Wheat futures were able to defend technical support yesterday, we’ve had that defined as 1027 ¼-1034 ¼. If you’re Bullish, this is a spot to consider buying against as the risk is fairly well defined. If we break and close below...
Corn Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract. Fundamentals: This morning’s weekly export sales report showed net sales of 140,900 MT for 2021/2022--a marketing-year low--were down 50 percent from the...