Continuing to Forecast El Nino Modoki 2018-19
Persistent anomalous warmth in the central equatorial Pacific surface and subsurface favors EL Nino Modoki ahead.
Wheat Down Again; Flat Fund Position Targeted?
Fund selling pressured US wheat futures to new lows with December KC futures briefly falling under $5.00 technical support. Funds were active in bailing out of wheat longs as their losses mounted. CBOT brokers estimate that funds sold another 5,500 contracts of wheat on Thursday. ARC estimates that funds are getting close to flat in…
Soy Market Looks for Demand
CBOT soybean futures closed slightly lower as sellers returned based on record large NASS US September soy yields and reports of better than expected yields from the early Midwest harvest. Funds continue to pile into a larger net short position in soyoil and soybeans, but the spread between the US Gulf and fob Brazilian offers…
World Corn Trade
The corn market is reeling from USDA’s 181 BPA yield shock! However, like 2016 the next several months look to be driven by growing US export demand. The USDA rightly boosted old crop exports to 2,425 Mil Bu to better account for the pace of shipments. New crop exports were raised 2,400 Mil Bu,…
Evening Weather Update
Models Maintain Active Rainfall Potential for Last Half of September: The major forecasting models are little changed and consistent with prior runs. Favorable dryness will persist into the early part of next week, but thereafter a steady flow of above normal moisture chances returns. Unfortunately, the heaviest totals will again favor the W and N…
