NASS this afternoon pegged corn used for ethanol in January at 482 Mil Bu, down 5 Mil from December, but up 2.5 Mil (1%) on the January of 2017. Using weekly EIA data, ARC pegs corn’s ethanol use in February at 437 Mil Bu, up 3% from a year ago, and the pace of ethanol’s…
Argentina Slightly Wetter 6-10 Day Period; Soil Moisture Trend Unchanged: The GFS & EU models are in broad agreement that lite, but widespread rain will impact Argentina late next week and into the following weekend. However, cumulative totals are unlikely to exceed .25-1.00”. High temps across much of the primary crop belt will continue in…
A correction was due, and week-end profit taking sent May futures to week ending losses. The move isn’t surprising as the rally in Russian fob offer took a pause. However, we caution against turning bearish until widespread rains materializes across the Plains. Friday’s forecast is devoid of rain into mid March. Seasonal Plains rainfall trends…
Corn followed wheat lower, but fundamentals are little changed. Managed funds on Tuesday were net long 59,000 contracts, up 40,000 on the week. This compares to a net long 82,000 contracts on the same week a year ago. Upside risk is still present via ongoing US export demand and uncertainty over the size of Brazil’s…
Friday’s trade in the hog market was mixed on positioning ahead of the weekend, and profit taking on bear spreads. April closed slightly higher and the rest of the market finished between unchanged in May, and $.925 lower in August. The lean hog index was down $.21 at $68.36, and down $1.81 for the week.…
