Summary: Brazil shipped 3.21 MMT of soybeans this past week. Argentine soybean exports were 211,000 MT. US export inspections are estimated to be 250,000 MT. The ship lineup indicates that 10.2 MMT could be shipped in June. In the May WASDE, the USDA raised its projection for Brazil’s local marketing year exports by 200,000 MT…
AgResource Pre Opening Sunday CBOT Calls Are; Soybeans 18-25 cents higher, corn 12-18 cents higher and wheat 9-15 cents higher with Minneapolis leading. Sunday Weather and CBOT Market Discussion: Opening week CBT calls are sharply higher on a deepening concern for drought across the N Plains and the northern half of the Midwest. The graphic…
CRB Index The CRB index closed higher on the week as ag and energy markets rallied. Spot WTI crude oil futures are knocking on the door of $70.00/barrel while corn/soy/wheat futures surged on Friday due to dry Central US weather. The US dollar held steady and is holding support against $89.20 on a spot futures…
AgResource Farm Marketing Advice for Monday: 1/ No new advice. As of Tuesday, the managed money net long position was a combined 432,000 contracts, up 20,000 on the previous week. The spec community has been reluctant to add to net length established just after the USDA’s January crop and stocks report. However, the North American…
Models Strip Precip from Northern Plains/W Midwest Next Week; Concern Over Lasting Heat & Dryness Increasing: The forecasting models trended considerably drier with the EU/GFS in better agreement at week’s end. The attached graphic shows the change in the EU model’s 10-day precip forecast. Additionally, bias-corrected forecasts maintain that ongoing heat/dryness are probable across the…
