Summary: Brazil shipped 1.272 MMT of soybeans last week. Argentine exports were “ZERO” for the fourth month in a row. US export inspections are estimated to be 600,000 MT. The ship lineup has 7.18 MMT scheduled to load in February. However, the slow pace of shipments suggests that maybe only 4-5 MMT will actually get…
CRB Index The CBR/CCI index closed higher as spot WTI crude surged to $60 resistance while the grain markets finished higher following the USDA Annual Outlook Forum. The reflation trade is on and the Biden Administration looks to push their $1.9 Trillion dollar aid package forward to jump start the US economy as the US…
AgResource Farm Marketing Advice for Monday: 1/ No new advice. Managed money added 15,000 contracts of market length in US ag futures in the week ending February 16th. Funds are now long 709,000 contracts of US ag futures with a likely push to over 800,000 before there is any speculative excesses that must be worried…
South American Pattern Remains Stagnant; Argentine Forecast Warmer Next 10 Days: Operational model guidance peeks into March 5th and there is still no indication of any meaningful pattern change. Little/no rainfall is offered to Argentina through the period, while near-daily showers linger across Central and Northern Brazil. Longer term outlooks maintain a southward shift in…
Corn Basis Erodes in Argentina on Rising Freight Cost; Black Sea Basis Jumps: Global fob corn basis levels are mixed to end the week. Basis in Argentina has fallen to new seasonal lows – though deferred basis is not reflecting a harvest-based discount amid ongoing production concern. Fob basis in Ukraine is noticeably higher amid…
