AgResource Farm Marketing Advice
** AgResource Daily Farm Marketing Advice for Wednesday: 1/ No new advice. The summer row crop markets have finally realized that farmers might not get all of their intended acres planted. Current prices are not encouraging producers to take on the risk, but more importantly, the forecast shows widespread coverage of 2-4” across the Cornbelt.…
Markets Extend Rally; GFS Adds Rain to Central Midwest
Ag markets have extended the overnight rally, with July corn up 12 cents, beans up 25 and July Chicago wheat up 8. Following the corn market’s gap higher, end users are adding to coverage, while ARC expects that finally some measure of short covering is occurring. Today’s open interest change will be watched with interest.…
China Crush Margins Back to Profitability Thanks to Lower Soybean Prices and Higher Product Prices.
Summary: China’s “spot” soybean crushing margin today is 23 Yuan/MT, up 69 Yuan from a week ago. The “forward” margin is 5 Yuan/MT, down 50 Yuan from a week ago. In addition, the forward margin is 96 Yuan above what it was a year ago. In the May WASDE, the USDA lowered its projection of China’s soybean imports by 2 MMT…
