Soybeans closed lower on Monday on technical selling following disappointing US export data and favorable S American weather forecasts. Funds were estimated sellers of; 9,500 soybean, 4,000 soymeal, and 5,000 soyoil contracts. After the close, the Commitment of Traders report showed that as of last Tuesday, funds had been net long nearly 47,000 contracts in soybeans.…
The November WASDE report featured modest changes to pork production and price forecasts for 2018, and no significant adjustments are expected until the January report when the December inventory data will be available. For the 2nd quarter of year, the USDA estimates pork production at 6,390 million pounds, a 4% increase over 2017 and the…
The Nino34 SSTA region is cooling more aggressively as formal La Nina onset is arriving.
Corn, wheat and soybeans have extended their overnight losses, and with wheat leading the way down ARC suspects much of this is currency/macro driven. The US dollar at midday is a bit higher, while all other major exporting currencies are weaker. Crude has been back and forth this morning but currencies have failed to respond…
Wetter than normal climate across Brazil is (mostly) likely to continue.
