Funds expanded their net short position in corn slightly (now estimated at 251,000 contracts) and overall fresh news is lacking. What news is available, however, is somewhat supportive. As expected global climate updates now account for the arrival of La Nina, and so feature warm/dry weather through winter in Argentina, Southern Brazil and Southern US.…
Near Term South American Forecast Unchanged; Climate Outlook Reflects La Nina: There’s again no change to South America’s two-week forecast. Heavy rains will be a near daily feature in Central and Northern Brazil through the period, while rainfall in Argentina will be limited to lite/scattered amounts in parts of northern Cordoba & Santa Fe next…
A warm and dry regime is forecast across Southern Europe into December.
Climate Impact Company updates the week 2-4 outlook.
Bottom Line: Egypt’s GASC bought 240,000 MT today. For the sixth time in a row, Russia captured all the business. On a FOB basis, the average price paid was $194.65/MT, down $1.45 from the last tender (Nov 08). The CIF price was $209.24/MT vs the last tender’s price of $210.98/MT. With an Egyptian court ordering…
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