Choppy Descent Into La Nina
La Nina ahead remains intact but the cooling pattern of the equatorial East Pacific is choppy.
La Nina ahead remains intact but the cooling pattern of the equatorial East Pacific is choppy.
** It has been a quiet morning at the CBOT as corn/soybeans trade either side of unchanged, while the wheat market grinds lower on additional fund selling. The volume of trade was active early as liquidation persisted in November soybean futures prior to 1st notice day on Tuesday. There was 53,800 contracts of November soybean…
Bottom Line: China’s “spot” margin rose 23 Yuan in the past week. It is now above break-even at +19 Yuan/MT. The “forward” margin rose 7 Yuan to -83 Yuan/MT. However, the forward margin is 330 Yuan ($1.35/Bu) below what it was a year ago. Exporter shipments to China in September indicate that China’s Oct imports could…
Bottom Line: Last week, Brazil shipped 817,000 MT of soybeans. Brazil’s export commitments grew by 705,000 MT and are now a record 64.21 MMT, up 26.2% from last year. USDA is projecting annual exports to rise 24.8%. Export commitments are at a pace that “on average” could slightly exceed the USDA’s projection. Commitments have now…
The U.S. pattern takes on the look of a winter La Nina pattern.
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