A Different Sort of La Nina Ahead for DEC/JAN/FEB 2017-18
Cool waters in the southeast North Pacific are likely to alert the historical La Nina relationship for the next several months.
Cool waters in the southeast North Pacific are likely to alert the historical La Nina relationship for the next several months.
Wheat futures have found support amid a much weaker US dollar, but row crop markets continue to drift lower. Dec corn has found new contract lows as delivery approaches, and another day has passed without any new soybean sales announced by FAS. Exporters did sell two cargoes of corn to an unknown destination this AM…
Bottom Line: China’s “spot” margin rose 23 Yuan in the past week. It is now at break-even. The “forward” margin rose 59 Yuan to -45 Yuan/MT. However, the forward margin is 334 Yuan ($1.37/Bu) below what it was a year ago. China’s preliminary estimate of Oct imports was 5.86 MMT. We expect Nov imports to be…
Bottom Line: Last week, Brazil shipped 475,000 MT of soybeans. In comparison, the US exported 2.09 MMT. Brazil’s export commitments grew by 936,000 MT and are now a record 65.33 MMT, up 26.4% from last year. USDA is projecting annual exports to rise 26.0%. Export commitments are at a pace that “on average” could exceed the…
** AgResource Daily Cattle Analysis: Cattle futures closed slightly lower on Monday, and a steady outlook is offered for early trade this morning. Monday’s trade reflected overall uncertainty with early selling finding good demand, while a midday rally back above unchanged could not be sustained. Cash markets were quiet through Monday and significant trade…
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