Soy futures closed firm at midweek, with soyoil leading the CBOT soy complex higher on lower than expected NOPA stocks. Soybeans finished the day 9-10 cents higher, with funds estimated buyers of 7,000 contracts. In the soy product markets, funds were estimated as buyers of 1,500 soymeal and 6,000 soyoil contracts. NOPA reported…
Climate Impact Company updates the season 1-3 ahead climate forecast for South America.
Bottom Line: Even though this week’s production was down slightly from last week (some analysts had expected an increase of 1-3%), AgResource expects the pace of US ethanol production to stay record large into 2018. ++++++++++++++++++++++++++++++++++++++++ US ethanol plants through the week ending last Friday totaled 310 million gallons, down 1 million on the week.…
The CBOT has witnessed mixed grain trade at midday. The wheat market has been lurching lower based on fund order flow amid Egyptian demand concern, while corn/soy futures are higher on short covering. Traders are talking that funds may be sitting on a record net short corn position that is exceeding 235,000 contracts! That along…
Bottom Line: The most recent harvest reports show that this year’s Ukrainian corn yields are 17.4% less than a year ago when harvest was at a similar point. Likewise, Russia’s corn yields are 11.8% less than a year ago. However, USDA is projecting that Ukraine’s yield will be down just 15.6% while Russia’s yield is projected…
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