Farmers in the world's largest corn-producing nation are stockpiling crops due to low prices, with many shunning buyers despite ample grain supplies and positive summer crop ratings. Last week, the largest farmer selling of the year occurred, but premiums dropped by 20 cents, and demand remains low at current price levels. Wheat prices have fallen significantly, with wheat breaking below $6.00 and facing pressure from technical and fund selling. Soybeans are also experiencing a sell-off despite potentially bullish weather forecasts, with funds and algos pushing prices lower.
AFTERNOON MARKET RECAP: Corn, soybeans rise as weather heats up. Wheat prices continue to slump on seasonal harvest pressure. Today's commentary: https://t.co/tUKDhiG4S2 ✅ Sign up for daily market newsletters from the Farm Futures team: https://t.co/v7zRZXCmIi https://t.co/Z93SOV0rIb
Wow. Wheat falls below $6.00.. Now $1.30 off the highs and $1.10 off the highest close. We went from yearly highs to 2 month lows in just 2 weeks. The funds and algos continue hammering wheat. The technicals look awful and the Russia headlines are gone for now. Short story… https://t.co/1bPDO1EOi0 https://t.co/3N0UWMvMVE
Looking like now or never for soybeans… Will these upcoming record temps and lack of precip in the eastern corn belt excite the market..? Or will the funds and algos continue to push this thing lower. Chart looks ugly. If we take out those lows.. won’t be pretty from technical… https://t.co/LwayRPYQ4p
Grains hammered again despite what most would consider somewhat bullish weather forecasts. Sell off was led by technical and fund selling in soybeans & wheat, as the charts continue to fall apart and turn bearish with wheat breaking below $6.00. The funds are already heavily… https://t.co/H3Oqofdnf0
AFTERNOON MARKET RECAP: Seasonal pressure sideswipes grain prices. Planting and harvest progress in key countries push prices lower on Monday. Today's commentary: https://t.co/tUKDhiFx2u ✅ Sign up for daily market newsletters from the Farm Futures team: https://t.co/v7zRZXBOSK https://t.co/qjuCmWVnH9
Last week saw the largest farmer selling of the year (3 MMT), tks to the FX rally. Last week premiums dropped by 20 cents. At the start of this week sellers are trying to protect their prices but there is no demand at the current levels (low 60's for Aug and Sep). https://t.co/dwRgn7Ub8Y
👨🌾 After stockpiling crops for much of this season due to low prices, many farmers in the world's largest corn-producing nation continue to shun buyers despite few signs that prices will improve. Grain supplies are ample and early ratings of summer crops are the best in years.… https://t.co/LJ749YlUkX