US export sales on Thursday will again be lackluster, likely 5-10 Mil Bu, but increasingly there’s a risk that US HRW yield will fall to 35-38 Bu/Acre, and abandonment rises to 26-28%, vs. 24.7% last year. NOAA’s offical January weather data has been released, and Nov-Jan precip in Kansas has been confirmed to be…
Corn futures rallied another 1-2 cents amid another rebound in US ethanol production – along with another week of decent US export disappearance. Cumulative residual ethanol use was record large, which hints that US ethanol export demand will be ongoing for some time. Funds covered more corn shorts. What has driven CBOT corn futures…
Models in Only Fair Agreement on Argentine Rainfall: The overall South American pattern into late February is little changed, and all eyes will be on actual rainfall across Argentina on the weekend. The GFS is a bit more widespread with totals of .50-1.50” across Cordoba & Santa Fe. The EU model this afternoon is spotty…
Hogs were sharply lower at the open on Wednesday, and fund liquidation kept futures lower into the close. February fell back under the cash index, while April hogs marked a 5 month low. The cash market however, continues to move the other direction. The cash index was up $.36 on Wednesday at $74.84, and is…
** US Pork Exports Mark Record December Level: Pork exports in December were just over 514 Mil Lbs, down slightly from November, but a record large figure for the month. The December figure also put the 4th quarter total at an all time record, while the annual 2017 total was up 7% year over year, also…
