Global Soil Moisture & 3-Month Trend
A look at global soil moisture anomalies and 3-month trend.
AgResource LATAM, March 06
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Low Volume CBOT Morning Pushed Lower by Fund Selling; Heavy Snows for N Plains and Upper Midwest into March 22nd
** CBOT futures have come under renewed selling as the recent rally stalled and funds returned to selling via bearish chart patterns. Wheat is back near its prior lows with corn/soy futures following. There is talk that China is bidding under the US soybean market for a portion of its 10 MMTs of purchases with…
US Ethanol Production Slips But Producer & Blender Margins Continue To Rise.
Summary: US ethanol production slipped 0.4%. Despite the drop in production, ethanol stocks rose 2.3% after a slight decline the previous week. Blender demand is estimated to have risen by more than 1%. Ethanol producers margins continue to rise and were around 24 cents/gln, the highest since mid-September. Blender margins also rose. The spread between Brazilian and…
Arg Corn Purchases for Export Are Second Highest on Record. Pace is Ahead of What is Needed to Meet USDA’s Projection.
Summary: Argentina’s local marketing year for corn began Mar 1. Today, Argentine corn is the cheapest in the world with a FOB price of $164 MT for April (vs the US offer of $172). Argentine purchases of corn from farmers for export are ahead of the pace needed to meet USDA’s Feb WASDE export projection of 29 MMT…
