ENSO Weekly Diagnostics Update: Subsurface warming tells us La Nina will fade.
Borderline La Nina should fade.
Old/New Corn Spreads Unwind in Active Volume; USDA Reports SRW Export Sale to Unknown (China?); China Rumored to Have Booked New Crop US Corn
Bull spread (old vs new crop) liquidation in corn along with modest fund buying in soybeans and Chicago wheat has produced mixed valuations at midday. The volume of CBOT trade is being restricted by holidays in the EU and China, but there is a sense of improving volume and new speculative buying heading into USDA’s…
U.S. Medium-range Forecast: Favoring mild temperatures Northern U.S. and warm-to-hot California and Texas.
Chart of the day: Late season population weight HDD forecast. Discussion: The late season U.S. population weight HDD forecast yields much warmer-than-normal results through mid-April and closer to normal values for April 17-23. Medium-range 6-10 Day Forecast Valid April 10-14, 2021 Medium-range 11-15 Day Forecast Valid April 15-19, 2021 Discussion: Warm pattern shifts eat and…
CBOT Mixed Overnight With Old/New Crop Spreading Featured; US Weekly Corn Export Inspections Could Set Another Record Week; SAGO Buys Wheat
AgResource Farm Marketing Advice for Monday: 1/ No new advice. 6:30 AM CT CBT Prices: May soybeans are up 10.25 cents $14.1225, May corn is down .50 of a cent at $5.5925 while May Chi wheat is up 2.0 cents at $6.13. AgResource Morning Grain/Soy Comment & Analysis: Good Morning! CBOT values are mixed to…
Brazil’s April Soybean Exports Could Be Record Large at 15.0+ MMT.
Summary: Brazil shipped 3.23 MMT of soybeans this past week. Argentine soybean exports were “Zero”. US export inspections are estimated to be 235,000 MT. Ship lineup indicates a total of 16.50 MMT will be shipped for the month of April. We estimate that 1-1.5 MMT of that will be rolled over for shipment at a later date.…
