World Soy Demand Shifts to Brazil; US Soybean Imports Deeply Unprofitable: Fob basis in Brazil has eroded seasonally despite slow harvesting and rising vessel waiting times. Regardless of final crop size, Brazilian soy exporters will be aggressive in adding to sales into June- FH July. Any need to slow or halt exports from Brazil will…
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Spreading and Charts Cap Old Crop Soy Futures; Grains Rise on South American Weather Worry. Mixed in declining volume is CBOT trade at midday. November soybeans and corn/wheat futures have paced the morning rally while bear spreading and March liquidation pressure old crop March soybean futures. March soymeal is (again) bouncing off support at $420/ton…
Highlight: La Nina intensity is choppy. Fig. 1: The 12-week Nino SSTA observations indicate La Nina intensity is choppy. Discussion: Last week the Nino34 SSTA warmed significantly and is now close to the La Nina threshold. The remainder of the eastern half of the equatorial Pacific Ocean SSTA also warmed last week. La Nina intensity…
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