A higher open and early market strength was short lived on Monday. February hogs were back below unchanged at midday, and more than $1 lower at the close on chart related selling and liquidation ahead of Friday’s USDA report. The hog index was down $.53 at $64.11, and projected another $.93 lower for Tuesday. …
US & European wheat futures ended slightly higher, mostly amid a noticeable lack of new selling. As of last Tuesday managed funds were short a near-record 158,000 contracts in Chicago – and were short a record 32,000 contracts in KC. Meanwhile, HRW basis levels continue to strengthen and there are hints that a much colder…
Corn futures ended steady again, and unlike beans are not extracting weather premium from price. As we’ve mentioned in recent days recent and upcoming rainfall in Argentina is incredibly important, but so too is the US Gulf market’s position in the world market. The graphic below charts Argentine corn basis, and of note real weakness…
Short-term wet weather inspired by a transient MJO fades in the extended-range as Argentina trends drier and hotter again for later this month.
Bottom Line: Last week, Brazil shipped 654,000 MT of soybeans. In comparison, the US exported 1.77 MMT. Brazil’s export commitments rose by 322,000 MT. Commitments are a record 67.46 MMT, up 30.0% from last year. USDA is projecting annual exports to rise 23.8%. Export commitments are at a pace that “on average” could exceed the USDA’s…
Contact
submission
You have successfully added an item to your cart! You may view the contents of your cart and proceed with checkout, or continue shopping.
Multiuser
subscription
How many users would you like to add?
