Grain Markets

[malleefarmer]

Looks to me beans corn canola all looking for reasons to maintain momentum or go higher

Wheat tying to grind lower plenty of wheat in world

Weather issues easing in EU Russia Black Sea and a lot of USA gone from drought to below average.

Just western Canada super dry.

South America hard to work out at times to wet to dry to wet to dry in the space of ten days.

Masssive falls in nsw qld wheat belt last three days and ain’t done yet

[macdon02]

Your rainfalls predicted, are saying massive NA drought, saw 200-300mm in areas? These markets are a powder keg and there's nothing left to sell, new or old crop.

[errolanderson]

mallee . . . fresh bullish news is needed soon for corn and soybeans or next leg will be down. Old crop canola highs are in (IMO). New crop is apt to be dragged lower as old crop fades into late crop year end. Buyer demand for old crop now long-in-the-tooth. Exceptional new crop basis levels have weakened over past few days. Hold on to those new crop put options as a guard.

Wheat is the weak link as global supplies now in-recovery. Global wheat production may be hiked to 780 million MT in 2021. Egypt has already lowered their wheat purchase budget. Russia may have to revise their so-called permanent wheat export tariffs . . . .

Soy oil has been amazing, but spread trading has been key to its support. Buy oil, sell meal. Palm oil has shown a pullback which is the lead veg oil market globally. Choppy ahead . . . strong gains, sharp losses all in the same week possible.

Yellow pea bids for fall look exceptional to me. If China demand fades, yellow bids could decline $1 to $2/bu quickly (my opinion). Greens will follow the trend of yellows.

My two-bits . . . . .