Corn ended slightly higher following NASS’s crop condition update Monday evening, and as the trade so far remains skeptical of GFS model output. The EU model also trended just a bit wetter next week, but its solution implies ongoing soil moisture declines into early August. The forecast is neither overly bullish nor bearish, and so…
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The midday run of the GFS model is much, much wetter than previously.
Bottom Line: China’s crushing margins improved slightly this past week but remain negative. In last Wednesday’s July WASDE, USDA raised their projection for China’s soybean imports by 2 MMT to 91 MMT. Similarly, China’s CASDE raised their projection by 2.10 MMT to 91.55 MMT. China’s “preliminary” estimate of June soybean imports (released last…
Widening drought in the Great Plains will be difficult to prevent given the time of year when anomalous heat is widespread and thunderstorm activity not able to produce widespread rains.
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