Chicago SRWW wheat July open interest is back roughly 1.9mt on yesterdays close, wheat off 7c/bu. Volume on the day was about 5.8mt. There’s still a bit of work to do by the funds before first notice day for teh July slot, but it does appear to be an...

Short covering of June contracts in the Chicago wheat pit saw some upside in US futures last night. One does ponder if there is no fundamental strength in the wheat market. The US wheat crop is the smallest in years. France has seen below average rainfall all year but...

US sorghum values found support from very good export numbers to China. All but 612t of total sales when to China. The US shipped 313,614 tonnes of sorghum for the week ending June 11th. 168,997 tonnes moving out of the Gulf ports, and 138,593 moving out of Pacific ports....

The June 15th US crop progress report shows corn at 94% emerged. Over the last 7 days the US corn belt as seen some very good rain with parts of Iowa, Illinois and Missouri seeing 75mm to 100mm. General rain across the balance of the corn belt was between...

This weeks WASDE reduced US winter wheat production further. Hard red winter wheat is now at it’s lowest production number since 1957. What else would the US futures market do, well sell off lower of course. Soft red winter wheat, hard red winter wheat and spring wheat futures in...

I was reading a post from Andrey Sizov from SovEcon yesterday. It was a view on the US futures market. Not riddled with predictions, but simply stated. “I keep getting asked: why is wheat down so hard? Valid question. The list of reasons is long – and so is...

US wheat futures continued on the path of least resistance overnight, lower. All three US wheat grades shed value, soft red winter wheat leading the race to the bottom. The move when reflected in AUD / tonne, and compared to yesterdays conversions, is helped a little by the weaker...

One of the first market reports I opened this morning was titled “What’s going to stop the slide”. Reads a little ominous doesn’t it. It’s from the USA, and is talking about futures so it may have a little drama draped over it. If the world as we’ve been...

This weeks USDA weekly crop progress report shows corn planting has progressed to 93% sown, all but done. Corn emergence sits at 76%, and the condition of the US corn crop is rated at 67% Good / Excellent. This is the first rating of the season, and compares to...

The market wires are telling us that the pressure on grains is coming from lower crude oil futures this morning. Talks between Iran and the USA will be crucial in determining the future direction of crude oil, but at the moment the punters can see an end to war...