Argentina is facing the opposite problem of Brazil – too much rain. The upper air pattern in South America since November has kept a steady flow of heavy rainfall across North & Northeastern Argentine growing areas. Like in Brazil, if this pattern continues into February, a measurable soy yield loss will evolve. The graphic reflects…
Brazilian Soil Moisture Loss Continues: The EU & GFS models do include lite/scattered shower activity next week across South-Central Brazil in the 6-10 day period. However, not enough rain is forecast to prevent further declines in soil moisture. The GFS model’s projected 7-day change in soil moisture is attached. This pattern looks to go on…
March corn rallied 2 cents, though ended the week down 4 cents. Focus is centered on South American weather amid the complete lack of USDA data. And South American weather remains concerning. We also mention that EU corn futures have performed well at chart-based support. Spot EU corn remains perched at a 4-month and a…
Wheat prices rallied moderately amid renewed fears of slowing Black Sea shipments. In Ukraine there’s talk that weak government cash reserves will not cover value added tax refunds, which reduces the incentives of exporters. In Russia, the government desires to establish a soft quota of 12 MMTs of all grain shipments from Jan 1 onward.…
Hogs were lower at the open on Friday and corrected much of the week gains. February marked the largest late-week decline and fell back to the contract’s 200-day moving average. The CME’s lean hog index gained $.89 to $55.99, the best price since early December. Weaned pig prices started the year below average and…
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