Drought is expanding, and amid current forecasts calling for near complete dryness across a bulk of the Plains, ARC looks for condition ratings to fall, not rise, in the next two weeks. However, even simply accounting for plunging crop conditions across the Northern and Western Plains, substantial US yield adjustments lie in the offing. ARC…
GFS Model Much Wetter; EU Model Little Changed: Model agreement remains poor beyond the next few days, and through the EU model has trended slightly wetter next week it still keeps meaningful precip isolated to the far Northern Corn Belt, as evidenced in the 10-day outlook below. AgResource will keep a very close eye on…
Tuesday was a mixed session in the hog trade, with neither rallies or breaks able to get much traction. At the close, nearby contracts were just below unchanged and deferred contracts were slightly better. The hog index was down $.28 for Tuesday and projected 4 cents lower for Wednesday. The pork cutout was higher…
Except for spring wheat, which rallied another 14 cents, wheat futures across the world ended slightly lower. There’s just not a lot of fresh news, and cash markets in the Black Sea are a bit weaker today as harvest advances. Still, a new 12-month high in the euro sent EU cash markets to modest gains,…
Soybeans were higher overnight following a further decline in crop ratings on Monday, though prices began to slide as the midday GFS output became available. At the high, November soybeans had been up 19 cents, and were 4.25 cents higher at the close. Commodity fund traders were estimated buyers of 5,000 soybean, 3,000 soymeal, and…
