Grains-

Opening indications for grain markets this morning are mixed, with corn and wheat markets called slightly higher, and beans slightly lower. Grains, as they have been prone to do of late, will likely take their cue from the macro markets, which are mixed this morning as well. End users are still having a difficult time sourcing beans, as farmers are tight holders of beans, looking for higher prices. Weather in South America looks ideal at this point in time for planting.

Tim Roth

Read more...

Grains-

Opening grain calls, based on night markets, are lower to sharply lower. Corn -8-10, beans -20-25, and wheat -8-10. The China factor seemed to be in play overnight, as indications of an economic slowdown weighed on grain prices throughout the night session. Also, the U.S. dollar is firmer and equities are mixed. Harvest made good progress last week, with corn 47% done vs. the 5 year average of 41%, and beans 69% harvested vs. the 5 year average of 61%. Winter wheat planting advanced to 73% planted, close to the 5 year average. We could still see some harvest pressure in corn and beans after the huge rally of last week.

Tim Roth

Read more...

Grains-

Opening indications for the grain markets this a.m. are weaker, with corn called 6-8 lower, same for beans, and wheat down just 1-3. Macro markets are the lead indicator this morning, with the equities markets on the defensive, and the dollar stronger. Weekly export sales won`t be released until Friday because of the Columbus Day Holiday. We view today`s grain markets closes as an important indicator of near term direction.

Tim Roth

Read more...

For analysis of today's report please sign up for our free two-week research trial.

Read more...

Grains-

Opening calls this morning for grains are firmer, with corn called 1-2 higher, wheat 3-5 higher, and beans up 10-12. Beans were quite strong overnight on talk of renewed Chinese buying. Outside markets are mixed thus far, which should promote an evening up kind of day for grains ahead of tomorrow mornings` USDA crop report. For a complete rundown of industry crop estimates and outlook, readers should sign up for a free trial of MF Global`s research through this website.

Tim Roth

Read more...

Grains-

In grain markets today, corn continued a slow march upward, soybeans finally posted a somewhat impressive daily gain, and wheat markets ended the day positive with yet another session lead by the Minneapolis December wheat contract. Volume was low across the board and will remain so until Wednesday's crop report. The U.S. Dollar index and supportive outer-market trade were the main reason for today's performance.

Domingo Williams

Read more...

Grains-

Grain markets look to open much stronger this morning, with beans leading the parade. Opening calls are corn +10, beans + 25-27, and wheat + 12-14. Not a lot of grain news, more of a macro influence. Equities are trading much stronger and the dollar is sharply lower this morning. Apparently the Europeans have come up with a bailout plan for Belgium's Dexia, so all is right with the world again, and so the "risk on " trade is on again. At least for today.

Tim Roth

Read more...

Grains-

Grains traded mostly lower today on below average volume. The exception was Minneapolis wheat, which settled 24 1/2 cents higher on the day as concerns over production continue to cause prices to surge skyward.

The Minneapolis December contract continues to display big premiums over deferred months and on intermarket spreads. The volatility seen in MWZ1 is substantial. Due to the high protein nature of this year's HRS crop commercials will be reluctant to deliver wheat against the contract's 13% protein specification. With this in mind an inverse carry structure is expected to persist until end-users can find an alternative for hard-to-source spring wheat. Technically, MW looks strong as well. Yesterday MWZ1 closed above the 50-day and 100-day MA's and also appears to have broken out of a consolidation area. Today confirmed those moves.

MWZ1, Daily Chart

In corn, traders are waiting for the next Wednesday's USDA report. Analyst's are releasing their yield estimates with the average coming in around 148.1 bpa, with production estimated to be 12.471 bil bushels. The USDA's September production number was 12.497 bil bushels. CZ1 looks to have found its happy place around $6.00 on the chart for now, and may trade in a range between $6.15 and $5.75 until we get more information next week.

Beans have also found support, testing $11.52 a couple times in SX1, but they appear to have less bounce than corn.

Domingo Williams

Read more...