US: Grains fail to find traction

Published 2022년 11월 3일

Tridge summary

Grain prices were mixed but mostly lower in Thursday’s session, with corn falling 1.25% and soybeans spilling 1% lower. Technical selling and a strongly positive U.S. Dollar were factors in the decline. Export data from the USDA also contributed to the drop in corn prices. Soybean basis bids were mostly steady across the central U.S., but there was some variation. Soybean export sales reached 30.5 million bushels last week, but analysts expected larger numbers. Wheat prices were mixed but mostly lower after a shaky deal between Russia and Ukraine for safe passage of shipping vessels in the Black Sea. Quality concerns are rising for Australia’s wheat crop due to flooding. Iraq purchased 5.5 million bushels of wheat, primarily sourced from Canada, Lithuania, and Australia, in an international tender.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Grain prices were mixed but mostly lower in Thursday’s session, which featured plenty of technical selling. Kansas City HRW contracts were the lone exception, testing very modest gains of only 0.1%. In contrast, corn fell 1.25%, while soybeans spilled 1% lower. Other wheat contracts closed with losses of around 0.5% to 0.75%. The corridor just west of the Mississippi River is likely to see 1” to 2” or more additional rains between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. More seasonally wet weather is possible for the western Corn Belt and the Plains between November 10 and November 16, per NOAA’s new 8-to-14-day outlook. Cooler-than-normal conditions are likely for the western half of the country during that time. On Wall St., the Dow eased 11 points lower in afternoon trading to 32,136 as investors remain focused on the latest inflation and interest rate trends. Energy futures were mixed. Crude oil sank 1.75% lower this afternoon to $88 ...

Source: Prairie Grain Partners