Statscan’s initial crop production estimates for the 2017 crops did not offer any bearish surprises and were generally viewed as supportive for North American grain/oilseed prices. Statscan estimated a total Canadian wheat crop at 25.5 MMTs, a 6 MMT (20%) decline from a year ago and 3% under the average trade estimate. The USDA’s August…
Irma is a Dangerous Storm in the Atlantic; Exact Path Uncertain, but should be followed during the Holiday Weekend: The long wave pattern remains a Ridge/Trough across North America. The graphic below reflects this flow with the jet stream dropping SE from the Pacific Northwest. This is a cool and dry weather profile for the…
US and European wheat futures followed gains in neighboring row crop markets, and fund short covering is a feature in early September. Friday’s CFTC report will be watched with interest, and ARC expects tomorrow’s managed fund net short position to range from 65-75,000 contracts; up slightly from the previous week. Russian wheat is stable at…
Bottom Line: Bids for new-crop corn basis are below last year and are at multi-year lows in many parts of the US. From a seasonal perspective, October tends to be the time when the “nearby” corn basis is at or near seasonal highs. However, this year, the forward basis shows September offers are the lowest…
** Like clockwork, CBOT grain/soybean markets have posted a strong recovery overnight as producer liquidation of cash stocks and September futures ended .A push to new lows in December corn triggered fund short covering, and new buying. Through midday, December corn has traded more than a 9 cent range, with more than 190,000 contracts changing…
