AgResource Pre Opening Sunday CBOT Calls Are; Soybeans 2-5 cents higher, corn 1-2 cents higher with wheat called steady to 2 cents higher. Weekend Weather and CBOT Market Discussion: Opening week CBOT calls are steady to higher. The US/China Anchorage Meeting produced harsh talk, but the media reported that Friday’s talks lasted 2 hours longer…
CRB Index The CBR/CCI index posted its largest loss since September based on a sharp fall in energy futures. The US Central Bank reiterated a theme of low interest rates into 2023 for the US economy to accelerate its economic activity. Yet it appears that the US GDP rate will recover fully to pre pandemic…
AgResource Farm Marketing Advice for Monday: 1/ No new advice. Managed funds since the release the USDA’s market-changing January reports have slowly but surely added to net length. Funds on Tuesday were long a net 706,000 contracts across all major CBOT markets. It’s difficult to criticize such market length amid firm and rising US basis…
US-Brazil Soybean Price Relationship Unchanged; Brazilian Basis Bottoming?: Brazilian fob soybeans maintain a $19/MT discount to US Gulf origin for spot and May delivery. This discount assures that Brazil dominates world trade into July, but its not large enough to encourage US imports. The paper market in Brazil in June-July is $.60-.80/Bu over CBOT futures…
Brazilian Dryness Extended into April 3: The EU & GFS forecasts are consistent with prior runs and remain in agreement. A major South American pattern shift occurs this week as an expansive high pressure Ridge returned to NE Brazil. The Ridge stay anchored there into the first week of April. This upper air flow promotes…
