Rain Stays Absent from W Plains Nearby: The US forecast into the middle of May features a broad NW upper air flow (Ridge/Trough pattern) which will sustain warmth/dryness across the W Plains and near normal precip/temps across the Midwest. NOAA’s 7-day QPF is attached and meaningful rain over the next week will roughly outline the…
Russian wheat is offered at $213/MT for spot delivery, down marginally from last week, but otherwise world wheat prices continue to rise. Of note, Argentine origin is quoted at $255/MT, vs. $200/MT in March, and Aussie prices continue to find new seasonal highs on drought. The trade’s concern over weather patterns includes; Australia, the US…
CBOT futures ended slightly higher after briefly pushing to new rally highs. The US weather pattern is favorable for planting between now and mid-May, but more important is the expanding Brazilian winter corn dryness – with a close eye being kept on declining soil moisture in Ukraine, SW Russia and the Balkans. Adverse Brazilian…
CME futures were on both sides of unchanged and closed mixed on Monday. June hogs are probing for a secondary low and focused on timing the summer rally. The cash market is steadily gaining steam. The hog index was up $.52 at $61.75, and the weekend slaughter data projects another $.45 higher for Tuesday. …
Following a firm trade overnight, soybeans headed south shortly after the normal day opening. Weekly US soybean export inspections hit a 5 week high based on elevated loading to China. However, the market is nervous of several ships of US beans that have been held by China’s inspection service, as well as this week’s negotiations.…
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