Brazil’s national crop forecasting agency CONAB released their January crop report on Thursday, which lowered the agency’s estimate of the soybean crop to 118.8 MMTs, down from the Dec estimate of 120 MMTs. Most of the decline was due to a lower crop yield, but CONAB also made a rare cut to the total cropped…
EU Model Stays Parched for Brazil; Long Range Pattern Unchanged: The afternoon run of the EU model is a tad wetter in parts of Goias and Minas Gerais Jan 19-20, but keeps key areas of Mato Grosso do Sul and Mato Grosso completely dry. Our confidence in this rain is low. Any rain is welcome,…
Feb hog futures were back and forth through Thursday’s trading and end ended firm, while the rest of the market was ended mixed. The lean hog index gained another $.25 to $55.10, while the cutout value gained $.79 to end at $70.46. Monthly International Trade reports and weekly export reports from the USDA’s FAS…
EU futures fell moderately as French origins may be excluded from Algeria’s recent purchase. US futures weakened following the lack of any Egyptian purchase. Both markets were disappointed by the large tonnage offered to Egypt via Russia. World wheat cash markets are generally flat. Other fresh news is lacking, and the absence of US export…
CBOT corn futures ended sharply lower. We’ve mentioned this week that speculative funds since mid-December have established a sizable long position. This position should be maintained amid adverse dryness in Brazil, but periodic liquidation can be expected when fresh news is lacking. US/China trade progress is occurring, but traders are still waiting for fresh Chinese…
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