CBOT soybean futures rebounded and reversed Thursday’s loss on worrisome dryness/heat that is slated for Argentina and S Brazil over the next 2 weeks. Funds were net buyers of; 5,500 contracts of soybeans, 3,700 contracts of soymeal, while selling 3,000 contracts of soyoil. The NASS November Crush report showed that 176 Mil Bu of US…
US wheat futures were up riding the coattails of soybeans and corn. While both Chicago and KC old-crop contracts were up 5-6 cents, Mnpls contracts gained 9 cents. The rally in wheat is all the more impressive given that over 1,500 contracts were posted for delivery against Chicago SRW futures and over 500 contracts against…
** The morning has been largely green across the CBOT with the only selling being in soyoil as a fund that continues to spread long meal/short soyoil as a lower risk trade to profit from adverse South American weather. CBOT soybeans, corn, wheat and soymeal have witnessed moderate fund buying with traders closely watching South…
Bottom Line: Our point estimate for next week’s export inspections is 2.20 MMT (81 Mil Bu). If this is correct, that would be up 621,000 MT (39%) from last week. However, this week’s ship lineup is 1.9367 MMT. That’s down 23% from last week and well below last year’s 2.982 MMT. There were 12 vessels to-be-nominated (TBN). That…
** AgResource Daily Cattle Analysis: Cattle futures traded to deep losses in early trade on Thursday, but were well above the midday lows at the close and a steady outlook is offered for early trade this morning. Following a steady start to the day, February had resistance above unchanged and then fell sharply through the…
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