Brazil’s crop forecasting agency CONAB released their October crop report on Thursday, which featured their initial estimates for new crop corn and soybean production. For the October and November crop reports, CONAB offers ranges for area and production estimates, and then become more specific with their published forecast in December. The October estimate projected…
Rainfall Plagues Southern Plains; Limited Moisture Forecast Elsewhere: The EU & GFS models remain in good agreement into the latter part of October. A lasting period of dry/cool weather lies ahead, with even long term climate models indicating below normal precip into the first week of November. Precip accumulation since late last week exceeded 6”…
Dec corn hit a new 7-week high amid follow-through fund short covering. There’s now talk of a sub-180 Bu/Acre national yield, as well as talk of disappointing yield checks across the Western Corn Belt. New harvest data will be slow to find the market amid recent rainfall and cool temps, but very close attention will…
US wheat futures rallied 7-10 cents on fund short covering. As of Tuesday managed funds were short a net 17,000 contracts at the CME, and this evening are estimated to be short a net 28-30,000 contracts. There’s little fresh news available, but prevailing trends are supportive. Dryness will persist across much of Europe & the…
Following higher overnight trade, soybeans were able to extend gains ahead of the weekend, closing 9 cents higher for the day and barely below unchanged for the week. News at the end of the week was limited, but rains (and snow in the North) have slowed harvest, and funds are giving up on their short…
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