World Currency Update
World currencies have strengthened, and this could have consequences on new crop acreage.
World currencies have strengthened, and this could have consequences on new crop acreage.
** The morning CBOT trade has been “darker” as the eclipse across the Central US nears. The selling has been consistent with traders talking about the rain for IA/W IL and a bigger Russian ’17 wheat crop. The volume of AM trade has not been large with market participants waiting for the eclipse. Soybeans…
Bottom Line: After briefly being profitable, China’s crushing margins are down this week. The “spot” crush margin dropped 29 Yuan and is now below break-even at -23 Yuan/MT. The “forward” margin declined 18 Yuan/MT and is also negative (but well above the 3-year low it set a several weeks ago). Ship lineups indicate that…
Bottom Line: Last week, Brazil shipped 1.22 MMT of soybeans. That’s up slightly from the previous week and 375,000 MT more than a year ago. Brazil’s export “commitments” are a record 59 MMT, up 20% from last year. USDA is projecting annual exports to rise 21%. Export commitments are now almost at the pace that…
Short-term rainfall is welcome in Iowa but the medium-range forecast returns a dry pattern.
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