El Nino is imminent and is likely to be established officially in December. The major forecasting models are in generate agreement that moderate El Nino will be in place into Apr/May. It’s unlikely to a have a material effect on N Hemisphere weather and yield but will be intact throughout the entirety of South America’s…
Central US Drought Disappears; Nov-Jan Outlook Benign: The Central US forecast advertises rain/snow across the Great Lakes and Southern Midwest in the extended period, but otherwise remain conducive to harvesting. A 9-10 day period of dryness lies ahead. Temps will be cooler than normal, but in the near term heavy snow is not indicated. …
Soybeans traded lower overnight and fell sharply through the day following a weak morning open. At the close, soybean prices were 20-22 cents lower for the day. Funds were estimated sellers of 11,500 soybean, 4,000 soymeal, and 3,000 soyoil contracts. The weekly Export Sales report was disappointing with net sales of just under 300,000…
Dec corn fell 3.5 cents but managed to hold support at its 20-day moving average. US weekly corn export sales totaled a disappointing 15 Mil Bu, down 25 Mil from the prior week. Cumulative sales remain 40% above last year, but weekly demand has declined in each of the last three weeks. Fob basis…
US wheat futures fell another 2-6 cents in a general macro/raw material selloff. US weekly export sales were decent at 17.5 Mil Bu, which roughly matches the average needed to meet the USDA’s forecast. Recent purchases by Bangladesh were included. Funds sold an estimated 3,500 contracts in Chicago. Fresh news was again mostly lacking, but…
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