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…
November Soybeans Lead a Recovery Into Expiration: Soybeans marked solid gains on Thursday with November up 8.75 cents ahead of last trade day on Friday. Soymeal paced the CBOT rally. The nearby December has not kept pace with recent gains in the cash market. Basis in the Eastern Midwest has pushed to more than $30/ton…
Southern Brazil Stays Arid; Moisture Boosts Continue Elsewhere Next 10 Days: The South American forecast is drier in Parana and RGDS in Southern Brazil but is otherwise consistent with prior output. NOAA’s 7-day bias-corrected forecast features ongoing daly showers across the northern half of Brazil’s and additional heavy/widespread rain in Argentina this weekend. The near-term…
Hogs Slip Lower in Quiet Trade: Weaker cash trends dampened early hopes for a rally and left CME hog futures slightly weaker on Thursday. The cash hog index was down $.51 at $78.72 and is projected another $.77 lower for Friday. This leaves the index $.31 lower for the week. The consumer price data released…
Northeast Argentina to Southeast Brazil and the southern Great Plains/Texas are drought watch areas in the 3-month outlook.
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