Two issues will keep growth the US’s share of world trade limited over the next 12 months, and both center on Russia. The first is that following incredible yields in 2017, trend yield in Russia will be elevated, and in fact trend yield there is growing at a pace much faster than anywhere else. A…
Argentine Forecast Slightly Wetter; La Nina Arrives: The equatorial Pacific has been at La Nina thresholds for two consecutive months, and all models remain in agreement that La Nina will be established officially by December. La Nina then persists into Feb/Mar. This won’t be an issue for the Northern Hemisphere growing season (neutral ENSO is…
In this week’s newsletter, we take a look at expected returns for corn and soybeans in the US for the next growing season. Which crop will farmers plant more of? Click here to read this week’s Weekly Report
Dec corn continues to eye the Sep contract’s low ahead of first notice day at $3.30-3.35. The USDA’s November WASDE confirmed there’s an overabundance of supply, particularly across the Plains, and large deliveries are likely. Funds, however, are now short an estimated 245,000 contracts, a new record, and ARC doubts sub-$3.30 spot futures lies in…
The US dollar plunged today, and with wheat not subject to changing biofuel margins the market was allowed to stabilize following Monday’s collapse. There’s little fresh news available, though there’s talk Egypt may again lower its ergot tolerance to 0%, and as the ruble continues to weaken rallies will be limited to fund short covering…
