Brazilian Forecast Trends Wetter; Models in Good Agreement: The graphic below shows the difference in 10-day rainfall between the overnight and midday GFS solutions. Clearly much more rain is advertised across the whole of Brazil’s Central soybean belt, and the growing season will have fully begun in the next two weeks. The EU model is…
US wheat futures ended just slightly lower, and like corn the market performed poorly at major moving averages. There’s still no shortage of supply, particularly amid a seasonal lull in world trade this month, and there’s just not much input to drive futures higher or lower in the near term. Fresh input today…
Corn futures fell 1.5-1.75 cents across the board, as the trade is still unwilling to push Dec above major resistance at $3.53. A settlement above this would likely attract a more noticeable short covering rally, but amid expanding harvest and still no significant yield surprises, the market remains bound to a very narrow range. Funds…
Dec hogs rallied another 60 cents, and an overall modest uptrend remains intact. Soymeal futures ended just slightly higher, but there’s talk of abundant supplies worldwide, and a lasting rally is unlikely. Cash trade was executed slightly higher on a weighted basis, as packer margins, which have been slipping, remain profitable. Key in the near…
Soybean futures were mostly unchanged. The Dec soymeal contract rose $1.20 after dropping 80 cents yesterday. Dec soyoil lost .09 of a cent after sliding 0.29 of a cent yesterday. Funds were thought to have sold 4,500 contracts of soybeans while purchasing 1,500 contracts of meal and selling 3,000 contracts of soyoil. Tomorrow’s Export Sales…
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