AgResource Farm Marketing Advice for Monday:1/ Corn Producers: Exit 15% (half) of existing 2021 corn hedges relative to December futures at $4.29. Hold Short May $4.00 puts sold at $.13. This would reduce 2021 corn sales to an estimated 15% of the 2021 corn crop. 2/ Livestock Feeders: Cover 50% of Sept-December soymeal needs if…
Argentine Forecast Largely Favorable but Drier in February; Risk Moves to Central/Northeast Brazil: The EU and GFS models on Friday trended drier in Central Argentina in the 11-15 day period. Regionally soaking rains are still indicated across Cordoba & Buenos Aires Jan 28-20, but it’s now critical that this precip develops as predicted. Dryness and…
CBOT Soybean Discount to Competing Markets Widens: Profit taking has been the dominant this week in global agricultural markets. Grain and oilseed markets worldwide have rallied to new multi-year highs, became overbought, and then corrected. The trade is now measuring whether consumption patterns have been impacted by lofty prices, while South America’s soy crop has…
Brazilian crop estimates have been in a wide range over the last 8 months. Ahead of planting, private estimates called for crop sizes as large as 135-139 MMTs. However, dry conditions delayed planting dates by 30-45 days in many areas, while limited post-planting rainfall killed or stressed young plants. Yield estimates have been declining in…
Soy Futures Implode, US Crop Year Export Sales Reach 95% of Forecast: CBOT soy futures fell to sharp losses with March futures closing at $13.1175, down 58.5 cents. Soybeans have fallen by $1.31/Bu or 9% since its post USDA January report high. Funds sold an estimated 33-35,000 contracts of soybeans with rumors abounding that Chinese…
