AgResource Farm Marketing Advice for Friday: 1/ No new advice. Thursday’s reading of La Nina is one of building strength. The latest model update shows that La Nina will not reach maturity until January or February. This is several months later than initially expected. The chart shows the impressive plume of cold ocean water that…
More Normal N Brazilian Rains to Stabilize Moisture Deficits; Limited Improvement Forecast in Argentina: The graphic displays the EU model’s two-week % of normal precip forecast in South America. A more seasonal pattern of showers could benefit Central and Northern Brazil beginning next week. ARC does mention that a lengthy period of above-normal precip will…
Global Veg Oil Rally Continues; US Soy Oil Cheaper than Palm for Third Consecutive Week: Black Sea sunoil has rallied to a new all-time high of $990/MT amid acute supply shortages. The Russia government is now aiming to tax sunseed exports to keep domestic supply in house. Malaysian palm oil has rallied to a new…
The US wheat balance sheet will be tightening in 2021/22 as consumption outpaces production and old crop carryover stocks drop to a projected 855 Mil Bu – a 6-year low. However, this tightening will be limited to HRW stocks while other class balance sheets loosen. ARC’s update of wheat supply & demand by class also…
Soy Futures Ease on Cash Abubance/Profit Taking: Soy futures closed lower as funds booked profits and farmers incresasingly parted with their new crop soybean supply. Midwest and CIF cash basis continued to weaken as farmers did what the market asked of them – sell new crop cash soybeans in abundance. Barge freight has soared in…
