EU Rapeseed Market Scores Newer High Despite Record Aussie Crop: Europe’s rapeseed market fell sharply in late November but has recovered swiftly and ended this week at a record €730 ($821) per ton. Spot cash rapeseed oil ended the week at $1,825 per ton ($.83 per pound). Canada’s rapeseed/canola rally has stalled, but there remains…
Blocking Pattern Established in Arg/S Brazil; No Sign of Change into mid-January: The major forecasting models have extended the dry South American weather pattern into January 2, with longer-term guidance maintaining abnormal heat and dryness across Argentina and S Brazil throughout the first half of January. The attached graphic shows the GFS model’s 16-day precip…
AgResource Farm Marketing Advice for Monday: 1/ Wheat Producers: Sell 25% of the 2021 wheat crop if March Chi wheat reaches $8.80. This would push 2021 cash wheat sales to 75%. Managed funds on Tuesday were long a net 515,000 contracts in the major ag markets. This is up 12,000 contracts on the previous week,…
Summary: The lineup of ships waiting or scheduled to load US soybeans is 3.218 MMT (118 MBU). That is up 16% from last week and the largest, for this week, in over six years. Export inspections could be 1.615 MMT (59.3 MBU), down 6% from this past week. There were 44 vessels to-be-nominated (TBN), tied as…
CBOT futures are higher at midday with the exception being meal/oil spreading on the pre hedge index fund rebalance that is pushing soyoil values downwards. The volume of trade has been active with buy stops triggered as March corn futures rallied above its November high at $5.9675. Resting orders are lacking and exacerbating corn/soy wheat…
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