Excessive heat is likely across Central to Southwest Australia next week. Accompanying the heat is widespread dryness. Wet weather is forecast to return for North and Northeast Australia after mid-month.
Bottom Line: China’s “spot” margin on Monday rose 10 Yuan in the past week. It is now above break-even. The “forward” margin rose 11 Yuan to -4 Yuan/MT. However, the forward margin is 265 Yuan ($1.09/Bu) below what it was a year ago. Ship lineup data indicate that China’s Nov imports could be 9.75-10.25 MMT; Dec imports…
** Speculative demand has sparked a sharply higher CBOT trading session in soybeans/soymeal with corn following behind. The wheat and soyoil markets are languishing on spreads with traders talking South American weather and what the coming dryness means for their corn and soybean crops? The Australian Bureau of Meteorology confirmed La Nina’s existence overnight and…
Recent evolution of snow cover across Europe helps to sustain a cold climate and also maintain a southern Europe storm track. In the extended-range the cold will ease.
Bottom Line: Brazil exported 801,000 MMT of corn last week. That’s down from the previous week but it is three times more than what was exported in the same period last year. Brazil’s corn export “commitments” were estimated to be 27.97 MMT as of Dec 01. That’s up 143% from a year ago but is…
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