It was an inside day of trading in the soybean market that left futures 5-7 cents lower at the close, on spreading against the grain markets. Product markets were also weaker with meal giving back a third of Monday’s gains, and soyoil was also lower through November. Commodity fund traders were estimated sellers of 6,500…
On Apr 11, USDA pegged Brazil’s soybean crop at a record 111 MMT, up 3 MMT from their previous projection. In addition, USDA projected local marketing year (Feb-Jan) soybean exports at a record 63.6 MMT, up 1.4 MMT from their previous projection. For the period Apr 18-24, Brazil exported 2.25 MMT of soybeans. That’s down…
** CBOT futures are mixed at midday with the grains higher while soy futures are slightly weaker. The volume of trade has been very active with more than 150,000 contracts of July corn and over 65,000 contracts of July Chi wheat changing hands. Soy futures volume has been more constrained, but we are noting solid…
Madden Julian oscillation has shown some MOJO in late April causing excessive precipitation and thermal extremes but the effect should ease in 10 days or so.
** AgResource Daily Cattle Analysis: Cattle futures closed lower on Monday, and steady/weaker outlook is offered for early trade this morning. As had been expected the market opened weaker on Monday, and then trade down on follow through technical selling. June stopped just short of initial support at the old high at $114.20, and also…
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