Equatorial Pacific Rapidly Cooling; La Nina Coming on Fast: The climate monitoring community is nearing consensus with respect to the return of La Nina. The latest model plume is attached. The threshold of La Nina will be crossed by October without a massive change in the current trend of Pacific Ocean cooling. The return of…
As the 2021/22 growing season passes the halfway point, market focus in recent weeks has primarily been directed towards extended-range weather forecasts. Forecasted rains have topped the market and forecast heat/dryness have offered long-term support. The market has been completely enamored with weather and yield potential. Domestic and export use has gotten little attention, especially…
Soybean Futures Rally on Dry Iowa Weather, Off Early Highs: Lower crop conditions supported a CBT rally, but the push above the 50-day moving average in November soybeans found profit-taking. The August Crop Report is two weeks out, and traders are hesitant to chase either rallies or breaks. Soyoil corrected gains on Tuesday, even as…
CBT Corn Ends Unchanged; Rally in Brazilian Corn Accelerates: CBT corn futures ended flat and well below early session highs. The market in recent days has pegged fair value at $5.30-5.70 basis December amid the uncertainty of the August US weather pattern. Downside price risk is limited unless a significant change in two-week weather forecasts…
World Wheat Markets End Flat; Egypt Buys EU/Ukrainian Origin; Turkey Returns to Marketplace in Early August: US and European wheat futures ended near unchanged on Tuesday. Midday weakness in corn and soy was noted. AgResource’s work maintains that downside risk is severely limited as importers begin to extend forward coverage and as Russian yields/production declines.…
