谷物Were Mixed in the Overnight

谷物were mixed overnight as corn and wheat came under pressure while soybeans posted modest gains. In outside markets, equity futures had a rare rally going into the morning trade while crude oil tried to maintain positive territory ahead of EIA’s inventory numbers.

昨天，美国农业部（USDA）的供求报告几乎没有扭转较低的价格趋势，因为政府的预测提高了对旧作品供应的期望。由于美国农业部对出口的预测下降，玉米和小麦的股票的增长最大。大豆粉碎的数量也降低了，也有助于将大豆库存提高到450 MB。美国农业部还将2015/16年世界小麦结束股票的预测提高到了238.87 mmt，高于贸易估计。如果实现的话，这个数字将是历史上最大的。

在隔夜新闻中，日本宣布了其常规小麦嫩的结果。美国在总共146,000吨的交易中赚取了大约三分之一，而澳大利亚和加拿大的要约则大量考虑。俄罗斯农业监督机构发言人罗塞尔霍兹纳佐尔（Rosselkhoznadzor）周三对路透社表示，俄罗斯将从2月15日开始禁止从美国进口玉米和大豆。监督机构周三早些时候说，其副负责人尤利亚·施瓦博斯（Yulia Shvabauskene）曾向美国介绍了与玉米和大豆进口的植物检疫安全有关的问题。自9月以来，俄罗斯进口了396,000吨美国豆子，并且在美国书籍上没有出色的（仍在运送）销售。

European stocks rose on Wednesday, rallying after losses in Asia, as concerns about the health of banks that have hammered shares globally in recent days eased and oil prices recovered from Tuesday's steep falls. Investors and traders awaited Congressional testimony from Federal Reserve Chair Janet Yellen for clues to the outlook for monetary policy. Sharp falls in global stocks and weak U.S. economic data have led markets to slash expectations for the pace and extent of Fed interest rate rises to follow December's first hike in nearly a decade.

Oil rose on Wednesday, after having posted its third-biggest daily fall since the 2008 financial crisis the day before, supported by the possibility of major producers cooperating to tackle a supply glut that has sent prices to 12-year lows. Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin's oil tsar Igor Sechin proposed producing countries reduce output by 1 million barrels per day - without saying whether non-OPEC member Russia would cut. While traders and delegates from OPEC doubt any deal between the group and rival producers - which would be the first in over a decade - will happen, talk of it has boosted the market.

Metals drifted lower in overnight trade as gold took a break from its recent high of $1,200 an ounce, the highest since June 2015, but remains supported by safe haven demand amid tumbling stock markets and concerns over the health of global economy. Silver also pulled back overnight as the US dollar found some stability with investors waiting on fed chair Yellen’s comments today.

The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a dba of Foremost Trading LLC (NFA ID: 0307930)

—Kevin McNew