Brazilian Forecast Unchanged; Lite Rain Not Enough: The EU and GFS remain in general agreement on South America’s nearby pattern. Both models are little changed from prior runs. Marginally better shower activity begins on the weekend, but it remains that totals will be far below average. Net draws in soil moisture are probable through Brazil’s…
A sharply mixed day of trade unfolded in the hog market. Feb hogs fell to new lows and uncovered strong demand, that carried the market higher into late in the day, while the rest of the hog market quietly traded lower. February traded a wide $2 range, while April traded a narrow $.90 range inside…
March corn ended 6 cents higher on suspected elevated export demand. Confirmation is lacking, but we hear that corn off the PNW is offered level money with Argentine corn – even given weak harvest basis in Argentina. China is reportedly paying a decent premium for Ukrainian corn, and Chinese demand for US origin is still…
US wheat futures ended off session highs but rallied 5-9 cents, led by spot KC. It’s generally more of the same, with much of the world market now recognizing the US Gulf market’s position in the world. There’s talk that optional origin purchases are being switched to the US with basis levels in the…
The subtropical ridge occasionally backs offshore allowing for some wet return flow to bring showers at times across Brazil in the week 2-4 outlook.
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