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Happy Friday! Grains took back nearly their losses from yesterday. Since last Friday, corn is down 1/4 of a cent, soybeans are down 18 cents, and wheat is down 10 1/4 cents. Potential Geopolitical activity partly accounts for today's bounce with Middle East tensions high going into the weekend. A Wall Street Journal article headlined "Iranian Attack Expected on Israel in Next Two Days" is about as clear as it can be about the risks that the trade clearly does not want to have a big position going into 2 days with no trading hours (could impact crude oil production, red sea ship traffic, and more). On top of that, the USD$ is surging to five-month highs today as the Euro sinks on expectations of rate cuts from the European Central Bank, and stocks are sinking after poor news from JP Morgan, and concerns that we have not had the first rate cut of the year yet.
On Monday we will get NOPA crush values, export inspections, and updated crop progress and conditions numbers.
Funds were thought to have been mixed today with corn neutral, and soybeans and wheat buyers. On Tuesday, corn was 7,000 contracts shorter than expected (Short 255,000), soybeans were 3,000 longer than expected (126,000 short), and wheat was 4,000 longer than expected (short 85,000).
Starting Monday, we will shift to sending a shortened midday commentary/prices by text ONLY. (Opening and Closing to remain on email for the time being). We are also looking at using texts to communicate any grain prices/specials that might be being offered as well. This is an effort to try to diversify our reach, and help you get quality grain information in a preferred manner! In doing this trial rollout, we would love any feedback that you might have! If you wish to join our text updates list, please text GRAIN to 519-800-0436. You can opt out at any time.
This morning, private exporters reported sales of 124,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.
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