South American Pattern Unchanged; Argentina Stays Dry Through Dec 16th: The midday GFS includes potentially better rainfall in Argentina beyond Dec 15th, but confidence so far out is low – and other forecasting models so far do not include this change. In the meantime, continued dryness and warming temps are offered to Argentina the southern…
Soybean rallied overnight on market concerns for S American dryness, but gave back some of the gains through the day. At the close, January soybeans were 4.25 cents higher. Commodity fund traders were estimated buyers of; 6,000 soybean and 6,500 soymeal contracts, and sellers of 3,700 contracts in the soyoil market. Soybean export inspections…
Brazilian trade data released last week showed soybean exports for November at just over 2 MMTs, which was inline with expectations. Cumulative exports for the year are now near 65 MMTs, a record large export pace and 28% more than a year ago. The USDA in November, held their estimate for the Feb-Jan crop marketing…
Hogs started the week mostly higher, with February finding support on a break back under $70, while December closed down to narrow the difference to the cash index ahead of next week’s expiration. The CME’s lean hog index was up $.27 at $63.26, and the weekend kill data projects another $.66 higher for Tuesday. …
La Nina is trying but falling just short of full evolution. The latest issue is warming in the subsurface near the Dateline slowing surface warming in that region.
