ARC projects March 1 US corn stocks at 8,779 Mil Bu, up 177 Mil on last year and record large. Physical exports have, of course, not yet caught up with the recent surge in sales, and no doubt there’s a lot of corn left in the interior US. Basis has fallen in recent weeks amid…
Corn futures again ended steady following better than expected US ethanol production last week, and as crude inventories fail to increase ahead of the summer driving season. Ethanol blending & production margins have rallied today amid strength in energy markets, and weekly export sales on Thursday are expected in range of 50-65 Mil Bu. Sales moving…
US wheat futures settled mixed, with CME higher and KC modestly lower, though KC futures rallied some 20 cents off its midday lows. The major forecasting models are in poor agreement, and struggle with rainfall amounts and coverage across the Western Plains, and ARC mentions the latest run of the EU model maintains near complete dryness…
Models Lack Agreement in Southern Plains; Rainfall Uncertain Next Week: The EU & GFS models this evening lack agreement and include important differences. Most notably, the GFS features widespread rainfall upwards of 1.5” across the TX & OK panhandles late in the 6-10 day period; the EU model, however, does not. Adjusting the new crop…
An early break on Wednesday found demand that lifted most hog contracts into the close. The exception being April, which remains tied to the cash market that continues to search for a low. The index was down $.68 on Wednesday at $64.29, and is projected another $.66 lower for Thursday. Wholesale pork values…
