AgResource Farm Marketing Advice for Thursday: 1/ No new advice. In recent wires, AgResource has pointed out that the demand phase of the CBOT bull market ended as China shifted its grain/soy demand to South America amid cheaper price offers. China buys where the best price is available! If another CBOT bull run develops it…
Dryness Tries to Creep Back in Southern Argentina; South-Central Brazil will seed needed rainfall for winter corn. The two-week South American forecast remains consistent with previous with dryness and warming temps to impact Argentina into March 10. Showers will continue across N and C Brazil into the weekend. Brazilian rainfall expands to include Mato Grosso…
Argentine Discount to US Corn Widens Further; Brazilian Corn Offers Absent; Argentine up-river corn basis ranges from $.60-.63/Bu over CBOT futures for delivery into May with the US Gulf at $.80-.85 over. ARC detailed on Tuesday that regardless of coming heat/dryness, Argentina will be a sizable corn exporter beginning in April as the first-crop harvest…
Based on late-season crop ratings in Argentina, AgResource estimates the Argentine soybean crop at 45.5 MMTs, down 3.3 MMTs last year, the smallest harvest since the 2017/18 drought. Harvested area is estimated slightly above a year ago, but below trend yields are based on adverse early/late season weather. Thankfully, late December and January rains were…
Surging Soyoil Rallies Soybeans: CBT soy futures rallied on sharply higher soyoil. Spot soybean oil reached $.5154 the highest price since February 2013. The palmoil rally has slowed in recent weeks and nearby soyoil futures are trading at a 7 cent/lb premium to palm. However, the chart shows that the rally in world cash vegetable…
