No US wheat was offered to Egypt which sent futures down 7-11 cents. Egypt managed to buy a mix of Black Sea and European origin at an average of $237/MT vs. $241 in early Feb. The trend in world cash values has been weaker. Russian offers to Egypt suggest some amount of surplus remains –…
Rain Needed in Argentina; Forecast Too Dry: The graphic shows % of normal rainfall from Feb 1 to Feb 18. Very little rain has fallen across Argentina’s primary crop belt in the last two weeks, and moisture is needed immediately to maintain record crop production potential. Fortunately for producers there is precip of .25-1.25” is…
Corn futures have been immune to the US & world wheat market’s collapse. This is due to potential Chinese demand for US corn and uncertainty over US 2019 seedings. Note that that average trade guess on 2019 US corn acres rests at 91.5 Mil, vs. the USDA baseline’s 92. But we also mention world corn…
Wednesday was a wild day of trade in the hog market, with liquidation in futures and spreads continuing. April hogs traded a wide $4.15 range under expanded limits and closing $3.55 lower. The rest of the market reluctantly followed, with summer contract losses limited to $1-1.33, while 4th quarter futures finished slightly positive. The lean…
Soybeans were lower overnight and weaker through the first half of session on Wednesday. However, late morning buying lifted the market ahead of the close, leaving soybeans 1-2 cents higher for the day. Funds were net sellers of 2,500 contracts. With just a week of trading left in February, CBOT soybean futures and…
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