AgResource Weekly Newsletter, Oct 16
In this week’s newsletter we take an updated look at Western Hemisphere soybean supply & demand.
Russian Wheat Analysis
Russian wheat exports continue at a record pace. July-Oct Russian exports are calculated at a record 17.4 MMTs, up 32% from last year. This has kept world wheat prices from rallying, as demand has not been shifted to other origins – Europe & the US. However, even if Russia is to export 35 MMTs of…
Evening Weather Update
US Forecast Maintains Dryness; Temps Variable: The EU & GFS remain in good agreement on the 10-day forecast. A noticeable lack of precip occurs into the very end of the month, while temps ebb and flow around seasonal norms. There’s no evidence of any deep freeze or abnormal warmth. NOAA’s QPF makes clear that meaningful precip…
Soybeans Correct Monday’s Rally
CBOT soybeans ended lower in corrective trade, with limited news. November soybeans traded to the 100-day moving average on Monday for the first time since early June, and the move higher has found fund profit taking and likely better farm hedging. Funds were estimated sellers of 6,000 soybean contracts, but are estimated to still be…
Corn Ends Weak on US Weather, Fund Selling
Dec corn fell 3 cents. Our work suggests that managed funds were long a net 2-3,000 contracts as of Monday’s close and modest profit taking was noted today. A much drier, but still cool, US weather pattern lies ahead. Zero rain is offered to the Central Plains and Western Midwest into the very end of…
