Soybeans were higher overnight and extended gains throughout the day on weather concern, and expectations for a further decline in US crop ratings. Commodity fund traders were estimated as buyers of; 8,000 soybeans, and 3,000 contracts each in the soymeal and soyoil markets. Brazilian soymeal exports have been well under last year through the…
Bottom Line: Argentine corn shipments are running below what would be expected based on the USDA’s July WASDE projection for Oct-Sep exports. In addition, estimates of the Argentine crop are getting larger. Today, Argentina’s Ag Minister said the crop was 49 MMT, up from the previous estimate of 47.5 MMT. With record Argentine (and Brazilian) corn…
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BOTTOM LINE: We have no disagreements with the USDA’s ethanol supply and demand estimates, but as the US energy market tightens, biofuel production margins will be well supported. US ethanol production through the week ending July 14th totaled 301.6 million bushels, up nearly 6 million on the previous week and is again (barely) a record…
** The CBOT is back to price levels at midday Tuesday – before the errant GFS weather model added a considerable amount of rain to the Central US weather forecast for next week. The primary function of CBOT prices is to add or subtract weather premium (in price) to account for yield considerations in mid…
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