FAS reported weekly soybean export sales this morning at a 6 week low of 1.1 MMTs, with weekly exports at 2.3 MMTs. Those 2 figures together take total US soybean export commitments to nearly 33 MMTs. Cumulative export shipments according to FAS’s count now total 17 MMTs, up 1 MMT from last year, and the…
Following a weaker start to the day, hog futures continued down on fund liquidation. December gave back all of the mid week gains, while February hogs stopped just above the contract’s 200 day moving average. The chart shows the latest USDA forecasts for quarterly pork production for the 4th quarter of this year,…
It was a slower and lower day of trade in the soy markets, that left soybeans down 3-4 cents at the close while the soy product markets gave back gains and finished lower. News for the day was limited to the export sales report, which did not offer any significant surprises. Commodity funds were estimated…
US and European wheat futures ended unchanged. Both markets have found support at/near recent lows, and fresh news today is mixed. Egypt secured a hefty 240,000 MTs of Russian wheat at $195/MT, basis fob, down another $1.50/MT from its purchase last week – despite renewed uncertainty over Egypt’s ergot tolerance – and clearly it’s…
Funds expanded their net short position in corn slightly (now estimated at 251,000 contracts) and overall fresh news is lacking. What news is available, however, is somewhat supportive. As expected global climate updates now account for the arrival of La Nina, and so feature warm/dry weather through winter in Argentina, Southern Brazil and Southern US.…
