** CBOT Midday Market Comment: ** It has been a mixed post-Christmas AM trade at the CBOT with the soy complex firmer with the grains steady to lower. The volume of CBOT trade has been modestly below the average with fund managers unnerved by their large net short positions. The overnight rally in palmoil…
An occasional wet pattern for northern ARG/southwest/southeast Brazil driven by cold fronts moving north across these areas and moist subtropical flow around the subtropical ridge east of Brazil is in the forecast.
Bottom Line: Last week, Brazil shipped 436,000 MT of soybeans. In comparison, Argentina exported 156,000 MT. Brazil’s export commitments rose by 205,000 MT. Commitments are a record 67.66 MMT, up 28.8% from last year. USDA is projecting annual exports to rise 28.82%. Export commitments are at a pace that “on average” could slightly exceed the USDA’s projection by…
Brutally cold weather emerges across the U.S. this week featuring temperatures which could extend to -30 to -35 across the Upper Midwest. The cold pattern affects most of the U.S. The cold pattern surging into early January is the coldest of the past 10+ years. Pacific influence erodes the cold in 2 weeks.
Bottom Line: Brazil exported 690,000 MT of corn last week. In comparison, Argentina’s exports were 297,000 MT. Brazil’s corn exports are down from the previous week but seven-fold what was exported in the same period last year. Brazil’s corn export “commitments” were estimated to be 30.28 MMT as of Dec 22. That’s up 143% from a…
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