Plains Rainfall Matches Expectations; Wet Pattern Extended into March 30: The attached graphic shows 7-day precip accumulation ending midday Tuesday. The most recent event has largely developed as expected, with needed rainfall of 2-4” favoring KS, NE and pockets of the TX/OK panhandles. Major soil moisture improvement has occurred there, and model guidance maintains an…
AgResource estimates March 1st soybean stocks at 1,495 Mil Bu, 760 Mil Bu less than a year ago and a record large year-over-year decline. US soybean stocks at mid-year will be the tightest since 2014/15, when the world soybean market was still in the process of replenishing stocks that were depleted following the 2012 North…
Soybeans Inch Higher In Quieter Trade: Soybeans closed slightly higher while the soy product markets were mixed. CBOT trade volume remains restricted. China’s soybean crush was estimated at a 3 week low of 1.49 MMTs last week. Following a record large processing total in the first 4 months of the year, the recovery from the…
CBOT Corn Ends Firm on Confirmed Chinese Demand; Drier Trend in Brazil Needs Watching: CBOT corn ended slightly higher with old crop’s premium to new crop widening future on strength in the cash market. Competition for export demand from Argentina will be ongoing, but otherwise the US remains well positioned in the world marketplace. Brazil’s…
CBOT Wheat Recovers Early Day Losses; Market Focused on Domestic Feed Demand: US wheat futures ended firm and well above overnight lows. Errant news suggesting Russia’s export tax scheme would be eliminated was unfounded. There does remain elevated uncertainty over Russian government policy moving forward, but ARC’s sources strongly suggest that nothing will change until…
