BASIC & RECENT MARKET INFO

Highlights Yesterday morning, the USDA announced the sale of: 392,000 mts of soybeans to China 198,000 mts of soybeans to unknown 230,000 mts of soybean cake and meal to the Philippines This is a repeat from yesterday: Russia has submitted its objections to the United Nations about the Black Sea agreement of Ukraine grain exports and is prepared to reject renewing the deal next month unless its demands are addressed according to Russia's U.N. ambassador when speaking to Reute

Highlights At 11 AM Central Time today, the USDA will issue the following reports: Today is the last day of the soybean meal and soy oil marketing year. It is also the last day of the US government fiscal year. Government procurement staffers have been working overtime for three weeks to spend the remaining balance of funds allotted to their department before midnight tonight, when they have to give back what they don't spend and see reduced budgets for the next fiscal year.

Highlights October grain options expire today. It is usually a down day plus we may see some pre-hedging this afternoon. Prehedging is merchandisers selling futures late on a Friday prior to a harvest weekend to hedge the grain they expect to buy over the weekend. There won’t be much, but the specs may not know that. Yesterday morning, the USDA announced the sales of: 105,000 mts of 2022 corn to Mexico 101,600 mts of 2022 corn to unknown Yield Report Saunders County, NE Neb

Highlights Railroads reached a tentative agreement with unions, which, if approved by the union members, there will be no strike. Very good news for everyone in the grain market, indeed. The agreement provides rail employees a 24% wage increase during the five-year period between 2020 and 2024, while also paying out an immediate $11,000 per union member upon adoption. U.S. natural gas futures fell 8% on Thursday on the news of the probable settlement. Crude oil prices were s

Highlights The US dollar index had its biggest gain yesterday since early July. That made it very tough sledding for exportable products, but corn and beans managed small gains. Wheat has always been more sensitive to the exchange rate of the dollar and it got killed yesterday, breaking major technical support which turned technical buyers into sellers. Yesterday’s low on September wheat had not been seen since October 18, 2021. Late August or early September is when the seas

Highlights The USDA will issue its monthly Crop Production and Supply and Demand (S&D) Reports today at 10 AM Mountain Time. Roger expects neutral to friendly numbers. If there is a sell-off as a result of the numbers, it will be met with high volume buying because users know supplies are tight. Yesterday morning, the USDA announced a sale of 103,400 mt of new crop soymeal to Mexico. The USDA’s average spot price for soybean meal in Illinois closed at $605.00 per short ton T

Highlights Yesterday’s rumors were China bought 2-3 cargos of US soybeans and as many as 6 bean cargos from Brazil all for September shipment. Considering US beans at the Gulf are $25 per ton cheaper than Brazilian beans and Brazil’s short crop this past harvest means they have about 20 million fewer mts of beans to export, we are thinking it is more likely most of those rumored beans sales were US beans. China may be Communist, but they are not stupid Communists. A Benson-Qu

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About USDA Acreage report

Highlights The Corn Belt continues to have a lot more rain predicted than what actually falls. After last week’s $1+ lower wheat prices, all the major government wheat buyers issued tenders to save a few (or many) bucks per ton by Saudi Arabia, Bangladesh, Algeria, Tunisia, Japan and on and on. Egypt did contract to buy 180,000 mt of wheat from India just today. It does look like the large international corn buyers are standing aside for now with the hope of lower prices to

Highlights Russia’s Deputy Prime Minister said Russia plans to increase their oil production in July as countries like India and China are buying up the cheap Russian oil. Grain, livestock, and dairy markets close Friday afternoon and do not open until Monday evening, in observance of Juneteenth on Monday the 20th. Extreme heat and humidity have killed at least 2,000 head of cattle in Kansas according to the Kansas Department of Health and Environment. The corn market is

Highlights The USDA June S&D will be released at 11 AM Central time today. Do not expect many changes on the domestic S&D; we can certainly expect more soybean exports and probably more corn exports. Yesterday morning, USDA announced the sale to unknown buyer of: 500 mts of old crop soybeans 142,500 mts of new crop soybeans July soybean futures China’s Dalian Exchange made a new all-time yesterday at the equivalent of US$22.84 a bushel. The rumor is Brazil’s government is con

Highlights Yesterday morning, the USDA announced 101,600 mts of old crop corn was sold to unknown buyer. Late yesterday afternoon, the EPA issued its 2020-2022 ethanol blend mandates. The 2022 mandate for biofuels is 20.63 billion gallons with 2021 mandate of 18.84 and 2020 mandate of 17.13 billion. The 2022 number is slightly below the EPA’s proposal in December of 20.77 billion. The mandate includes ethanol at 15.0 billion gallons for 2022. EPA denied oil refiners waivers t

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Highlights June grain options expire today. China says they have found a gene which will improve wheat’s drought tolerance and nitrogen...

Highlights Nothing in yesterday’s USDA numbers changed the outlook other than wheat looks less likely to get below $6 or $7 and old beans...

Highlights The Dow finished well over 1050 points lower yesterday as mortgage rates climbed and mortgage brokers and processors across...