Soybeans were higher at the morning open and expanded gains into late in the day on fund short covering ahead of the November Crop Report, and strength in the soyoil market. Soyoil found support near the 50 day moving average and followed energy markets, which rallied on Mideast political concerns. Commodity funds were estimated buyers…
Last week’s International Trade report showed that US beef exports in September marked a fairly typical seasonal decline from August, but were still the largest September export figure on record at 243 million pounds. The September figure takes 3rd quarter exports to 746 million pounds, a 13% increase over last year, and also the largest…
** Low volume and slightly higher as been the CBOT this AM. The grains were the bullish leader to start, but soybeans have been the new upside leader at midday as traders think ahead to the USDA report on Thursday. NASS is expected to raise US corn yield, but could cut soybeans based on the…
The La Nina climate tendency to keep Canada cold and snowy while to the south the U.S. is warmer than normal is mostly true for November.
Bottom Line: China’s “spot” margin fell 62 Yuan in the past week. It is now below break-even at -44 Yuan/MT. The “forward” margin fell 42 Yuan to -125 Yuan/MT. Also, the forward margin is 330 Yuan ($1.35/Bu) below what it was a year ago. China will publish a preliminary estimate of Oct imports this week. We…
