AgResource Pre Opening Sunday CBOT Calls Are; Soybeans 1-3 cents higher, corn steady to 2 cents higher with wheat called 1-2 cents higher Sunday Weather & CBOT Market Discussion: Opening week CBT calls are slightly higher. Hurricane Ida is a dangerous Category 4 hurricane which will slow its forward progress across SE Louisiana/Mississippi and produce…
CRB Index The CRB index rallied to strong gains with energies, ags and even metal markets closing higher. US Central Bank Chairman Powell indicated that the Feds tapering of bond purchases will wait until 2022 and that US interest rates will stay lower for longer. The news produced considerable selling of the US dollar –…
Brazilian Basis Reflects Exhaustion of Supply; World Demand Moves to US: Spot fob soybean basis in Brazil has surged to $1.75/Bu over CBT, which indicates that Brazil’s soybean export program is coming to an end. The attached graphic makes its clear that Brazilian exporters in recent years have flooded the market with newly harvested supplies,…
AgResource Farm Marketing Advice for Monday: 1/ No new advice. Managed fund length as of Tuesday was a net 366,000 contracts, down 34,000 from the previous week. Fund length since early summer has fluctuated between 320,000 and 420,000 contracts. It is clear that direction has been lacking in the supply driven weather market. ARC’s work…
Central US Warmth Lingers; Ida to Impact Delta/MidSouth Early Next Week: The forecast models have shifted the path of Tropical Storm Ida a bit further east, with landfall now projected in far E LA/MS on Monday. The storm triggers gusty winds and rainfall of 5-9.00” across LA, MS, TN and KY into late next week.…
