Corn ended marginally weaker, though no fresh bearish news is available. Fund position squaring ahead of Thursday’s WASDE is noted. Otherwise, ARC does mention that South American basis continues to rise. Too much rain will fall across the Delta, while too little falls across the driest areas of the W Midwest. Argentine corn basis…
Blocking Pattern Stays Intact; Midwest Dry Through August 18th: The Central US forecast it little changed from prior runs, and neither the GFS nor the EU models indicate any pattern shift over the next 10 days. The heart of the corn/soy belt will be caught between an upper level Ridge aloft in SE Canada and…
October hogs traded to a 3 week high in early trade on Tuesday, but were just below unchanged at the close. An early morning rally back above the contract’s 50 day moving average struggled following the release of the morning pork report, which showed a sharp drop in the belly value, and prices slid lower…
Soybeans closed up 3-4 cents, but well under the early day highs. The market is preparing for the August Crop Report, and the cool/dry Midwest forecast is keeping the bears sidelined. Commodity fund traders were estimated as buyers of 2,000 contracts each in soybeans and soyoil, while selling 1,500 contracts in the soymeal market.…
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