CME/KC wheat rallied into the close, ending well of session lows and near unchanged on the day. Spring wheat contracts rallied 7-9 cents, and quietly have advanced 4% from October’s lows. Very few changes are expected in the US wheat balance sheets from the USDA on Thursday. World wheat could see a modest downward adjustment…
Dec corn ended weaker but off session lows, and understandably the market has traded in a narrow range ahead of NASS’s next revision to US crop production. The average trade guess on ending stocks is unchanged at 2,360 Mil Bu, in spite of a likely modest boost to yield. Other numbers to watch on Thursday…
The preliminary trade data from China that was released on Wednesday showed October soybean imports were up slightly from a year ago, and the largest import figure for the month, at 5.86 MMTs. The complete trade data will be released later in the month, but the US and Brazil are each known to have exported…
Brazil Wetter in Extended Period; Limited Rain across Argentina for next 2 weeks: This afternoon’s model releases feature a more expansive pattern of rainfall in Central Brazil in the 11-15 day period (see graphic), and if realized normal/above normal precip is indicated there into the latter part of November. Argentina will see little/no rain in…
Wednesday was an exceptionally quiet day that left soybean prices 2-3 cents higher at the close. Funds were estimated buyers of; 2,500 contracts of soybeans. In the soy product markets, meal held within the recent range while soyoil continued higher in technical trade. December soyoil marked the best close since early September, with funds estimated…
