Early selling in December hogs again found good demand, however the market could not hold onto a rally to new highs. October led Tuesday’s rally and at the close was $2.625 higher. The CME’s lean hog index was down $.55 on Tuesday at $54.29, but projected a dime higher for Wednesday for the first…
Soybeans were back and forth, in uneventful trade on Tuesday and 1-2 cents lower at the close. Soymeal continued to trade in a broad range, while soyoil marked the first higher close out of the last 9 trading days. Commodity funds were estimated sellers of 1,000 soybean and soymeal contracts, and bought 2,500 contracts in…
Bottom Line: Egypt’s GASC bought 180,000 MT today. Russia captured all the business. On a FOB basis, the average price paid was $198.98/MT, up $2.33/MT from the last tender (Sep 19). The CIF price was $213.18/MT vs the last tender’s price of $211.95/MT. Last week, Algeria paid $211-$212/MT C&F. With Egypt continuing to dispute cargoes based…
Markets are somewhat dull and being driven by weak interior basis – but also ongoing dryness in Brazil and rising feed costs in the Black Sea.
Bottom Line: Last week, Brazil shipped 469,000 MT of soybeans. For comparison, US soybean export inspections were 894,250 MT . Brazil’s exports were below the previous week’s 928,000 MT but were more than twice as much as a year ago. Brazil’s export “commitments” are a record 62.16 MMT, up 22.8% from last year. USDA is…
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