AgResource Global Weather Discussion
Aussie Rain Falls as Expected; Long-Range Forecast Stays Wet: The attached graphic shows rainfall accumulation in Australia Nov 9-12. Assuming the 24-hour forecast verifies, totals of 2.0-3.8” will be widespread across Southern Australia and much of New South Wales and Queensland. Most concerning in the near-term is that totals of 3”+ have impacted key producing…
Malaysian Palm Oil Update
The Malaysian Palm Oil Board released their monthly palm oil report on Wednesday, which was viewed as bullish world palm oil prices. Malaysian palm oil futures rallied 2-3% following the report release, with spot palm oil futures rallying 3% and closing at even money with US soybean oil futures. The spread between US soybean oil…
AgResource Corn Comment and Analysis
CBT Corn Rally Pauses: Interior Cash Basis Strengthens: CBT corn futures ended mixed. ARC estimates that managed funds since the release of USDA’s Nov WASDE have bought a net 30,000 futures of corn. Rallies above $5.80 in the near term must be driven by strength in the 0cash market. The cash market has been noticeably…