Sep 1 US Corn Stocks
ARC pegs Sep 1 corn stocks very close to the USDA’s estimate.
Afternoon Weather Update
Warm Autumn Predicted; Drought Outlook Mixed: NOAA’s updated climate forecasts this AM included ongoing normal/above normal temps through December, and mostly dry weather across the Central US over the next 45 days. The odds of La Nina developing in late fall/winter were boosted noticeably (62%, vs. just 26% last month), and overall drought is expected…
Soymeal Rally Keeps Soybeans Firm
Soybeans closed firm on Thursday while soy products were sharply mixed. Soymeal led the CBOT soy markets higher and finished back above both the 50 and 100 day moving averages, supporting the soybean trade while soyoil marked the lowest close in nearly a month. Funds were estimated buyers of 1,000 soybean and 2,500 soymeal contracts,…
Hogs Fall Sharply Through Thursday
Hogs were down slightly at the morning open, and fell sharply through the day as Wednesday’s technical related support disappeared. December gave back all of the early week gains and closed back under $58, while the cash trends remain down. The hog index was off $.96 at $60.92, and projected $.76 lower for Friday for…
Wheat’s Chart Pattern Improves; European Cash Market Rallies
US wheat futures rallied slightly for a third consecutive session, and Dec CME settled above major technical resistance at $4.52, albeit very slightly. Russian fob offers are unchanged, EU offers are noticeably higher though, and with managed funds still short an estimated 85,000 contracts in Chicago, downside risk requires an improvement in world weather. …
