Summary: China’s “spot” soybean crushing margin today is -182 Yuan/MT, up from its recent multi-year low. The “forward” margin is -14 Yuan/MT vs a week ago when it was -50 Yuan/MT. In addition, the forward margin is 9 Yuan above what it was a year ago. In the Apr WASDE, the USDA left its projection of China’s soybean imports unchanged at 88 MMT. …
An east-shifting MJO across the equatorial Pacific could trigger heavy rains in Brazil in the 11-15 day period.
Trending cooler for May – a rarity in recent years – for Western Russia.
AgResource Daily Cattle Analysis: Cattle and feeder cattle futures fell to deep losses on Wednesday and a steady/weaker outlook is offered for early trade this morning. June cattle were under pressure right from the morning open, and the market cascaded into late in the day on fund liquidation. Jun-Dec contracts were off more than $2,…
6:30 AM CDT CBOT Futures: July soybeans are up 2.5 cents at $8.71, July corn is down 1.5 cents at $3.545 and July Chi wheat is down .75 cents at $4.3775. Good Morning! Ag overnight generally stabilized following the recent lashing and as corn and soybeans fall deeper into oversold territory. After the close it…
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