AgResource LATAM, Nov 25
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AgResource South American Weather Discussion
Models Add Rain to Southern Brazil/Drier Weather for Argentina: The trend of recent days continues, with two-week forecasts adding precip to Paraguay and Southern Brazil while stripping rainfall from Central Brazil and Argentina. The attached graphic shows the GFS model’s change at midday relative to the overnight run. Ongoing net soil moisture loss in Central…
AgResource World Soybean Market Discussion
Global Soybean Basis Weakens on China’s Absence; US Gulf Market Competitive into Spring: Fob basis in the US and new crop basis in Brazil has been eroding in recent days. China, the world’s largest buyer, has been far less active in adding to coverage as recently purchased beans from the US are awaited at Chinese…
Changes in Global Crop Production
Global crop losses in 2020 relative to initial May expectations exist at the upper end of history when measured in tonnage. Combined global coarse grain and oilseed production in the USDA’s November WASDE was pegged at 2,045 MMTs, down 42 MMTs from the USDA’s estimate in May – and down 46 MMTs from USDA’s peak…
AgResource Soybean Comment and Analysis
Soy Futures Ease on Pre-Holiday Profit Taking: Quiet trade unfolded on Wednesday as traders booked profits ahead of the Thanksgiving holiday. Nearby soybean meal has traded to a 30-month high, with December piercing $400/ton today. While futures have soared basis across the Midwest and for export has soared to multi-year highs amid strong export demand.…
