** South American Weather Discussion: The latest run of the EU monthly and weekly long term forecast argues that some much needed rain will arrive across N and C Brazil starting in the last days of October and continue through November. Even the GFS 11-15 day model is offering a pattern change in the last…
Friday was a quieter, inside day of trading in the hog market that left futures mostly higher at the close. October hogs expired at $60.40 versus $52 a year ago. The hog index was $.80 on Friday at $59.12, marking the first higher weekly close since early July, with another $.27 higher projected for Monday.…
Soybeans were able to build on Thursday’s post October Crop Report rally, and ended 6-8 cents higher to end the week. November soybeans marked the best weekly close since the August WASDE report, which had sent the market sharply lower on a much better yields. Soy products also closed higher with commodity funds estimated buyers…
** CBOT Midday AgResource Daily Update: Fund buying and limited farm selling has pushed CBOT corn, soybean and wheat futures to modest gains at midday. The soybean fund demand is leftover technical buying following Thursday’s USDA crop report, while funds are covering a portion of their net short grain position heading into the weekend. Traders…
Bottom Line: Our point estimate for next week’s export inspections is 1.45 MMT (53 Mil Bu). If this is correct, that would be down 35,000 MT (2%) from last week. In addition, this week’s ship lineup is 3.881 MMT. That’s down slightly from last week but above last year’s 3.484 MMT. There are 30 vessels to-be-nominated (TBN). That…
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