Southern Brazil Trends Wetter; EU Model Drier in Argentina: The major forecasting models are in general agreement that a (needed) wetter pattern will develop in Southern Brazil beyond the next 10 days, but the pattern in Argentina is far less certain – which of course still hinges upon the arrival of La Nina. The latest EU…
US and European futures again fell to moderate losses, and of course the delivery period has proved rather bearish with spot CME trading below $4.00. Export sales last week totaled 12 Mil Bu, an improvement but hardly bullish. However, it’s hard to sustain a bearish outlook at current prices, as US acreage is likely to fall…
March corn traded in a 3-cent range, ultimately ending a penny lower. The trade’s ideas on South American production continue to ebb & flow with each model run, and while needed rain does look to fall across Central Argentina late next week the overall trend looks to be one of below normal precip into late…
Soy futures traded down overnight then extended loss through the day, on profit taking and ideas that early week weather concerns were over done. The extended forecasts are showing better rains in the last half of the month, but the next week looks to remain hot and dry. After leading the CBOT soy complex on…
Bottom Line: At this time, the pace of US corn export sales supports the USDA’s export projection of 1,925 Mil Bu. However, should the S. American crop achieve the production levels that are projected, US exports will be strongly challenged in the last quarter of the marketing year. In addition, if Mexico “front-loaded” their corn purchases,…
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