Short-term technical indicators are showing extreme oversold readings after the 7-day collapse, but for now, the market lacks the type of supply news to help the market forge a low.
Read MoreOur review of the USDA’s Supply & Demand report released on April 11, 2023
Read MoreGlobal wheat stocks will decline to six year low. Rare cut to corn yield estimate from slow planting start. US soybean crush seen at record for 2022/23.
Read MoreThe weather forecast seems to have taken a more positive tilt, but the technical action suggests some back and fill action may be in order.
Read MoreExcept for Oklahoma, there is not much rain in the 2-week outlook.
Read MoreOn top of all the Black Sea issues, there is little or no rain in the forecast for the next two weeks for Kansas, Oklahoma and Texas and China officials are indicating China's winter wheat crop could be the worst in history, according to the agriculture minister
Read MoreWeekly USDA Export Sales Report
Read MoreProfit-taking due to a standstill in new news out of the Russia-Ukraine border helped to spark selling pressures this week and the surge higher in the US dollar has added to the short-term bearish tone.
Read MoreMarch soybeans closed sharply lower on the session led by weakness in the meal market. March corn closed moderately lower on the session as traders see outside market forces as bearish, and also see rain in the 8 to 14 day forecast models for southern Brazil and Argentina as a bearish force. March wheat managed to close higher on the session after lower trade early in the day. Talk of the oversold condition of the market and ideas that the winter wheat crops in the US and Russia are in poor condition added to the positive tone.
Read MoreWhile the January USDA reports usually have a big impact on the grain markets, South American weather could dominate the news this year.
Read MoreWith an inflationary tilt to commodity markets, continued high export taxes from Russia, and the oversold technical condition of the market, look for at least a technical recovery bounce.
Read MoreOur summary of USDA’s weekly Export Inspections Report
Read MorePresident Trump is making a move to impose a 5% tariff on all Mexican goods on June 10th (80% of their exports go to the US) and to increase the tariff by 5% each month to reach 25% by October until Mexico agrees to help the US on the crisis at the border. If Mexico retaliates…
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