Weekly Newsletter, Oct 24
In this week’s newsletter, we take a look at the pace of US corn and soybean exports to date, and how it compares to the USDA’s annual forecasts.
Wheat Maintains Support, World Market Dull
Wheat futures ended pennies higher amid ongoing short covering, and likely some measure of grain-soy spreading. World markets were again rather quiet and have been little changed, as evidenced in graphic below. EU, Russian and US origin wheat are within just $2-3/MT of one another, and the market is looking for fresh input. Algeria and…
Corn Finds Strength into Close; Tests Chart-Based Resistance
Dec corn spent much of the session in the red, only to settle 1.5 cents higher. Again there’s little fresh news available, but even following this week’s advance ARC estimates managed funds’ short position at a net 170,000 contracts, and it’s simply a matter of a lack of selling. Note that Dec’s 50-day moving averages…
Afternoon Weather Update
Brazilian Pattern Shift on Track; More Heavy Rain Needed: The EU and GFS are still in mostly good agreement – though the GFS is a bit spottier with soaking rainfall in Mato Grosso next week – and a more normal monsoonal flow does lie in the offing. However, deficits compared to recent years will persist…
North American Oats Supply & Demand
The N American oats balance sheet has gotten tight pretty quickly.
