World wheat prices ended lower as Egypt’s phytosanitary standards are still very uncertain – whether ergot will be tolerated or not – which on the margin would act to close Egyptian interest. However, following today’s break, Egypt is seeking optional origin supply for early January arrival, and the results of the tender are anxiously awaited.…
Dec corn again took a breather after Monday’s decline and another surge in open interest – which at 1.7 Mil contracts is the largest since 2010. The trade is well aware that funds’ position this evening is by far record large, and the short side of the market is getting rather crowded. Argentine fob basis…
South American Forecast Unchanged; Brazil Wet, Argentina Dry: There’s no material change to the South American pattern through late Nov. Well above normal rainfall (upwards of 3-6”) will impact much of Central Brazil next week, while precip in Argentina will be isolated to lite/scattered totals today and again next Thurs/Fri. The GFS model hints at…
NOPA reported that it’s membership crushed just over 164 Mil Bu of soybeans during the month of October, in line with expectations and nearly unchanged from a year ago. Based on the NOPA data, we estimate a total US soybean crush rate near 175 Mil Bu. The nearby soybean crush spread at the CBOT average…
Hog futures traded and closed sharply mixed at midweek, with December falling to new lows early in the day before close more than $1 higher. February found good support around major moving averages, and was back near unchanged by the afternoon close, while the rest of the hog market settled lower. The CME’s lean hog…
