** Pre Opening 8:30 AM CST CBOT Calls: November soybeans are called 4-9 cents higher, corn is called 3-5 cents higher with wheat called 2-5 cents higher. ** AgResource AM Grain & Oilseed Comment: Good Morning! Pre opening CBOT calls are higher based on a forecast of warmer/drier than normal weather for the next 10-14…
Bottom Line: Brazil’s “official” June corn exports, as reported by SECEX today , were 563,000 MT vs “shipments” of 1.055 MMT. However, SECEX’s exports were still a record and above the previous June record of 346,000 MT (in 2006). We are not concerned about the discrepancy since SECEX figures often lag actual shipments. However, we…
Bottom Line: Brazil’s export commitments are up 10% from last year but USDA is projecting annual exports to rise 23%. Export commitments are lagging further behind the pace that “on average” is needed to meet the USDA’s projection. This suggests that Brazil’s ending stocks could be 3-5 MMT larger than the 6.35 MMT that USDA…
Drought conditions attach northern China crops (while southern areas flood).
** The CBOT will be closing at 12 Noon CDT today for the July 4th US Holiday. ARC will produce a noon wire today, but we will not produce a PM research wire. The CBOT reopens on Wednesday morning at the 8:30 AM CDT. The NASS crop weekly condition/progress report will be released Wednesday afternoon. **…
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