Corn Ends Higher; China Commits to Boost US Ag Purchases: CBOT corn futures ended moderately higher. It makes little sense to add to existing short positions, and after the close the US trade team indicated China plans to boost spending on US ag goods to $40 Bil. This will be heavily weighted towards meats, but…
Soybeans Rally as US/China Agree on Phase 1 Terms: Confirmation from both US and Chinese trade negotiators that an agreement on trade had been reached, sent CBOT soybean prices higher on Friday. Old crop futures gained 8-9 cents, marking the 2nd consecutive higher weekly close. The US Trade Representative states that China agreed to purchase…
On Thursday, ARC highlighted how Sep-Nov supply rationing has kept US corn stocks/use elevated. Today we discuss Dec 1 stocks in major Northern Hemisphere exporting countries. Like wheat, stocks are not as abundant as expected amid improved world corn trade. ARC estimates Oct-Nov corn shipments from the six major exporters at a record 28.6 MMTs,…
Central US Forecast Little Changed; Modest Precip Offered to KS/CO: The Central US forecast maintains a cold/dry pattern into late next week. Temps thereafter will be more variable, but ARC mentions that additional blasts of artic air are probable during the second half of the month. The GFS indicates that lows in the single digits…
Models Maintain Modest Expansion in Argentine Rainfall: The EU and GFS models end the week in decent agreement. Dryness continues in Northeastern Brazil as strong high pressure Ridging stays anchored there. However, the vast majority of Brazil’s Soy Belt will see normal/above normal rainfall and solid boosts in soil moisture, nearby. The Argentine forecast, on…
