SOYBEANS – Soybean planting is at 76% as of 5/25, up 10% over last week. Planting is well ahead of schedule with the 10-year average for this time of year being 63%. The national crop was 50% emerged, ahead of the average at 40%. May saw above-normal rainfall in the South and East Coast with total drought coverage for the …
Soybeans Lead the Grains Higher
SOYBEANS – U.S. planting is 84% complete compared to 77% last year at this time. Planting is lagging behind in the South with Tennessee, Kentucky, and Mississippi having the slowest planting pace. Despite mixed conditions in Brazil, StoneX raised its Brazil crop estimate to 168.25 mb. The USDA estimate is 169 mb. Soybean crush came out yesterday. NASS soybean crush …
Wheat Market Trades Higher to Start the Week
SOYBEANS – Soybeans made another big swing lower today due to weather, after closing lower on Friday. Weather lately has been good for early development. Rains continue to show up in the 10-day forecast across the Plains and Midwest. Trade talks between the U.S. and China broke down. For the week ending May 22, soybean sales were 178k. Cumulative soybean …
Soybeans Fall to 1.5 Month Low to End the Week
SOYBEANS – Soybeans made a big swing lower today due to weather. Weather lately has been good for early development. The soybean oil market, at its 1 ½ month low, is also dragging soybeans down. The oil share is working lower, and as a result soybean oil is lower while soybean meal trends higher. Soybean meal has been beaten up …
HRS Wheat at Support – With Crop Ratings Near the 40-Year Low
SOYBEANS – Soybeans recovered some today, after falling 14 cents on higher open interest yesterday and falling 5 cents in overnight trading. Yesterday’s open interest rose 8000 contracts showing that new short positions were opened. On the latest COT report, commercials were short -34k soybean contracts, which is their third highest short position of the year. While no official trade …
Corn Crop Ratings Crash to a 6-Year Low
SOYBEANS – Soybean planting is at 76% as of 5/25, up 10% over last week. Planting is well ahead of schedule with the 10-year average for this time of year being 63%. Of the 18 major states, just KY (-5%), MS (-7%), and OH (-10%) were all lagging their respective 5-year averages. The national crop was 50% emerged, ahead of …
Soybean Oil Leading the Grains YTD, as June Approaches
SOYBEANS – The weather forecast for the upcoming week shows rains for the South, with the Plains and Midwest drier along with cooler temperatures. Soybean oil has been the highest performing commodity in the grains and the second-highest performing commodity overall year-to-date behind gold. Soybean oil is up +22% year-to-date, gold at 27%. Managed money reduced their position on the …
Can July Corn Break 467 and Continue Higher?
SOYBEANS – Soybeans closed lower ahead of the holiday weekend. Open interest was up yesterday along with the higher close showing that more new positions were opened which is bullish. Bean meal closed higher yesterday with open interest falling indicating short covering. Yesterday’s close was a monthly high. Meal exports made a 15-week high on yesterday’s report with funds short …
Profit-Taking in Chicago Wheat Ahead of the Long Weekend
SOYBEANS – Soybeans moved higher again today. Yesterday’s trading showed soybean open interest decline by nearly 5000 contracts, which signals short covering rather than new buying. Soybean CVOL, an implied volatility metric derived from option pricing, is right around last year’s weekly average. Last year soybean CVOL saw large increases in volatility heading into June. Soybean CVOL usually peaks during …
Chicago Wheat Closes Above the 50-day MA
SOYBEANS – Planting pace is at a rapid 66% compared to 48% a week ago and 50% a year ago. The average planting pace for this time of year is 53%. The states furthest behind in planting, the southeastern and eastern corn belts, are expected to see some rain. Rain is causing flooding in South America which large production losses …