Crop Progress - 2024-10-21

Not only did not a great deal transpire today, I don't expect much this week either.

Strength in corn and soybean spreads has caught many traders off guard. Talking about what it means and what could be driving it this week.

The wheat complex is holding higher across most contracts on Monday. Chicago SRW futures are up 1 to 2 cents so far on the day. KC HRW contracts are 2 to 3 cents higher on the session. Preliminary open interest showed net new selling on Friday, with CBT up 10,511...

Corn futures are showing 4 to 7 cent gains across most contracts on the Monday session following a slew of export announcements this AM. The national average Cash Corn price from cmdtyView is up 5 1/4 cents at $3.78 1/2 per bu. USDA reported several private export sales this morning,...

Soybeans are trading with 5 to 10 cent gains in the nearby contracts on Monday. CmdtyView’s national front month Cash Bean price is up 9 ¾ cents at $9.22. Soymeal futures are back up $3.10/ton on the day. Soy Oil contracts are up 38 points the session. USDA reported private...

Despite these heavy purchases, each of these markets have continued to drift lower. When hedge funds begin to close out these new longs, each of these markets will be under significant pressure.

Grain futures had a rough end to last week’s trade, but a flurry of flash sales for corn and beans have helped markets find their footing to start the week.

Low-Cost Options, With Limited Risk

Despite a weaker trade into the weekend, grain markets have found their footing in the early morning trade. These are the levels to keep an eye on through the week.

Wheat is edging slightly higher across the three main markets on Monday. The wheat complex is fell to weakness on Friday across all three exchanges. Chicago SRW futures were down 10 ¾ to 17 cents on the day, with December losing 26 ¼ cents on the week. KC HRW contracts...

Corn prices are posing slight fractional gains so far on Monday. Futures closed out the Friday session with contracts down fractionally to 2 ½ cents across the board. December was down 11 cents (2.65%) on the week. The national average Cash Corn price from cmdtyView was down 1 1/2 cents...