Weekend Rain Disappoints in Argentina; Duration of Brazilian Dryness Key: Widespread rain was recorded across much of Argentina over the long weekend, but even moderate totals were highly isolated. The attached graphic shows percent of normal rainfall in South America since Jan 1st, and it simply hasn’t rained enough in Argentina so far this growing…
Wheat futures fell another 1-4 cents on follow-through selling and as the US dollar rebounded slightly. March CME ended just $.05/Bu from lows scored in December, though our work suggests this reflects a fairly lasting bottom. Most importantly, the cash wheat market did not react negatively to the USDA’s data last week, and instead…
The corn market has now fully digested the USDA’s January data, which itself was uneventful. It’s back to sideways, choppy price action, with a close eye on South American soil moisture. ARC does point out that, after Friday’s close, the CFTC pegged managed funds’ net short last week at a sizeable 223,000 contracts, just 6,000…
It was a gap and go day of trade for the hog market, that left February more than $2.30 higher at the close on Tuesday while summer contracts settled just under $85. The cash index has marked significant gains in recent day, with the hog index $1.35 higher from Monday, up $2.69 from the last…
Soybeans gapped higher at the overnight open, on follow through technical buying and held the gains through the day. Soymeal paced the day’s rally on Argentine crop concerns . Commodity fund traders were estimated buyers of 5,000 soybean and 4,000 soymeal contracts, while selling 4,500 contracts of soyoil. Other data included in the NOPA…
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