CONAB surprised the trade on Thursday by raising its ‘18 Brazilian corn production estimate to 89.2 MMTs vs. 88.6 in April. Safrinha production was lowered slightly with the 1st corn crop production raised slightly. ARC research suggests CONAB has not yet begun to account for this year’s adverse dryness. The attached graphic shows that…
Unwanted Rain Continues in Upper Midwest: A steady stream of lite/moderate rain will be established across the N Plains and Great Lakes over the next 10 days. Corn planting in MN/WI through Sunday hit 40%/30% completed, respectively. Concern is growing that acres there will be shifted or abandoned altogether. A broadly active Jet Stream is…
Wheat futures continue their fall from seasonal highs as Central US rainfall expands into the Plains, and as Black Sea cash prices show signs of weakness. Russian origin for June delivery is offered at $212/MT, down slightly from a week ago, and it remains that Russian origin for new crop arrival is priced at a…
CBOT corn futures settled unchanged as the market digests a host of mixed input. Corn seeding progress as of Sunday reached 62% complete, right at the 5 year average. Regional rainfall is probable in far southern and western Brazil later this week, but ARC’s work suggests further cuts to production lies ahead. Both the…
Hog futures closed up at the start of week in moderate trade. June ended the day higher, but was unable to get above the 50-day moving average, while July and August contracts were each above their 50-day moving averages. The lean hog index started the week $.33 higher at $64.06, and is projected another…
