Sideways Chop Fest for Now

What I do know is that backgrounders and under are going to have a very difficult time managing the future.  The positive basis is a curse for backgrounders at the moment with many more cattle to sell in the spring, but the highest price today.

The USDA cut its corn crop production estimate, sending March corn futures to a nearly seven-month high on Monday.

Corn futures are posting 1 to 2 cents losses at midday on Turnaround Tuesday, pulling back from early morning strength. The national average Cash Corn price from cmdtyView is down 2 cents at $4.40 1/4. Commitment of Traders data showed a managed money spec funds adding 24,540 contracts to their...

The soybean market is trading with 1 to 5 cent losses so far on Tuesday. January futures expire today. CmdtyView’s national front month Cash Bean price is down 1 3/4 cents at $9.92 1/4. Soymeal futures are back down $2.20/ton on the day. Soy Oil futures are 22 points higher...

Wheat is showing mixed action so far on Tuesday at midday, with the winter wheats leading the bull’s charge. Chicago SRW futures are up 1 to 2 cents at midday. KC HRW are trading with 2 to 3 gains on Tuesday. MPLS spring wheat futures are steady to fractionally lower...

Wheat is showing slightly higher action so far on Tuesday morning. The wheat market was in rally mode on Monday, joining in on the rest of the grains. Chicago SRW futures were up double digits, with gains of 12 to 14 ¼ cents at midday. KC HRW posted 9 to...

The soybean market is trading with 2 to 6 cent losses so far on Tuesday. Soybeans put on a rally on Monday, as buying fallout from Friday’s USDA reports continued. Contracts were up another 20 to 28 cents across most contracts. Preliminary open interest showed a rotation of ownership, up...

Corn futures are trading with 1 to 2 cent losses in early Tuesday morning trade. The Corn market shot higher again on Monday, with contracts up 6 to 8 cents in follow through buying from the tighter balance sheets USDA left on Friday. Preliminary open interest continued to show net...

Grain futures started the week follow-through buying from Friday’s USDA report. Can the rally continue or are we due for a pause and possible correction?

1 | One Big Surprise The biggest surprise of USDA's January data dump was a notable decline in both corn and soybean yield for the U.S. 2024 crop, falling well below pre-report estimates and marking two of the largest Nov-to-Jan drops on record. 2024 final corn yield fell 3.8bpa month-on-month...

A question on social media asked, "Who are the funds?". A solid query given all the chatter about the word in terms of market activity.