Spring wheat futures led the way down today, as Stats Can added 3 MMTs to Canada’s all-wheat production total. This goes a long way in easing concerns over the availability of high protein wheat in North America, and also suggests the US can boost cross-border trade if any real shortages develop. ARC notes that Stats Can…
CBOT futures ended slightly lower, but mostly shrugged off weakness in neighboring wheat & soy markets. ARC views strength in corn today as a function of another week of record ethanol production, and the fact that a meaningful pattern shift is still unlikely in Argentina & Southern Brazil by late December. Through the week…
South American Forecast Trending Warmer in Argentina: There are hints that a briefly wetter pattern may evolve in Argentina beyond the next 9-10 days, but until this is pulled forward our confidence in such a shift will remain low. In the meantime the pattern looks to be rather stagnant, with favorable rainfall ongoing in Central…
Stats Canada’s final production report is viewed as bearish. It’s been rather common for Stats Can to underestimate production in its early season reports, but new data this morning exceeded expectations. Wheat production is pegged at 30 MMTs, vs. 27 MMTs previously, and which suggests drought during most of the season had little effect…
After a steady start to the morning, February hogs quickly turned down and continued lower throughout the day. The cash index went the other direction and was up $.43 at $64.35 and is projected to be another $.50 higher for Thursday. The pork cutout on Wednesday was down $2.03 at $82.75, after reaching a…
