Heat Inches Eastward; Crop Benefit Only Regional Near Term: There’s still no sign of a major pattern shift as a strong high pressure Ridge looks to dominate the North American weather pattern through the final week of July. The midday GFS even pushed the Ridge eastward into the heart of the Corn Belt in the…
Overnight selling in soybeans found support in an open chart gap that was left from Monday, and the market traded higher into the close. Rain across parts of the Cornbelt pressured markets overnight, while heat/dryness in the extended outlook offered support. At the close soybean prices were 4-5 cents higher in both old and new…
Tuesday was an inside day of trading for August hogs, which was caught between July pushing higher on strong cash values ahead of expiration, and the rest of the market that is pricing in a seasonal top. July hogs expire next Monday, and settled on par with the cash index. The hog index was unchanged…
Neutral to marginal El Nino conditions are likely for the remainder of 2017 into early next year.
Bottom Line: In recent years (other than last year) Brazil’s Safrinha crop has accounted for two-thirds of total production. We estimate that about 38% of the Safrinha crop has been harvested. As we had anticpated, yields are coming in better than expected. Generally speaking, the Safrinha crop received good rainfall and a record amount of…
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