Analysis of the May CONAB Report
AgResource compares CONAB’s latest Brazilian numbers to the USDA’s, and discusses what they mean to world market share this summer.
Afternoon Weather Update
US Forecast Maintains Wet Pattern through May 31st: The EU & GFS models are in agreement that heavy rain will return to the Central US May 18-23, and key will be much corn & soy is seeded in the next week or so. Note that longer term climate guidance indicates normal/above normal precip will persist…
Hogs Trade Lower Through Thursday
Hogs were slightly better at the open on Thursday, but quickly turned down in technical trading and were just below unchanged at the close. The cash market continues to move higher, with the hog index up $1.66 on Thursday at $67.64 and projected another $1.47 higher for Friday. Packers were still bidding for loads at…
CBOT Corn Falls on Weak US Export Sales
July corn traded in a 5-cent range, ultimately ending 4-5 cents lower on lower than expected weekly export sales. CONAB’s updates this AM were largely uneventful, but more important is that the major forecasting models remain in agreement on unseasonal rain in Central Brazil in the next 10 days – right as pollination becomes widespread.…
Wheat Finds Support on Currencies, US Weather
Wheat futures rallied 1-3 cents, with similar gains noted in European markets, as Central US weather is far from ideal and as there’s little known about the freeze fate of the crop in the Western Plains. ARC’s contacts suggest crop conditions may be a bit misleading and further reductions in yield in W KS, W…
