Summary: China’s “spot” soybean crushing margin today was 83 Yuan/MT, down from last week’s 89. The “forward” margin was 14 Yuan/MT vs last week’s 29 Yuan/MT. However, the forward margin was 61 Yuan above what it was a year ago. Five months ago, the forward margin fell to its lowest level in 4 years. In the USDA’s December WASDE, China’s import projection was left unchanged at 90 MMT. However, China’s…
Summary: For the period Jan 19-Jan 25, the ship lineup shows that Brazil exported 468,000 MT corn. That is down 543,000 from the previous week and 168,000 MT less than what was shipped a year ago. For comparison, US export inspections were 893,000 MT. Brazil’s ship lineup shows that 3.28 MMT are expected to be shipped in…
** AgResource Daily Cattle Analysis: Cattle futures closed higher on Monday and a firm outlook is offered for early trade this morning. Early selling uncovered strong demand that carried April cattle back over $127 by the close. Cash markets were quiet to start the week, but the CME looks to be pricing in an additional…
** 6:30 AM CBOT Futures: Mar soybeans are down 2.25 cents at $9.21, Mar corn is up .75 of a cent at $3.805 while Mar Chi wheat is up 1.25 cents at $5.20. ** AgResource Morning CBOT Comment/Analysis: Good Morning! Mixed and low volume has been the overnight CBOT trade with corn/wheat in…
The table above shows intentions each year instead of actual final area. Our work suggests tight grain stocks and loosening soybean stocks will be a theme that persists thru much of 2019. The USDA in its baseline forecasts projected a 6.5 Mil acre decline in US soybean seeding intentions, and a 4.0 Mil acre boost…
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