World Wheat Market Extends Plunge on Global Economic Uncertainty: World wheat futures ended 3-4% lower as fund liquidation accelerated. Managed funds prior to the Thanksgiving Day holiday were long a net 18,000 contracts in Chicago and 66,000 contracts in KC – both multi-week highs. ARC notes that volatility can be expected at lofty prices amid…
Soybeans Fall on Follow Through on Financial/Chart Selling: Chart-related liquidation pulled soybean futures 24-26 cents lower on Tuesday. Monday’s closes back below the 50-day moving average, along with weakness in other US financial markets pulled soybean and product markets sharply lower. Weakness in soyoil was tied to the drop in energy markets, along with an…
The EIA discontinued the Monthly Biodiesel Production report following the February release. The report has been replaced with the Monthly Biofuels Capacity and Feedstocks Update. The new report lacks detailed statistics for biodiesel production, stocks, and sales of B100. However, the new report does provide feedstock consumption data that includes renewable fuel plants. The data…
US Winter Outlook Stays Warm; Further Soil Moisture Loss Due Across Plains: The Central US will warm abruptly in the next 24 hours, with abnormal warmth expected to persist into the early part of 2022. NOAA’s week 1 (top) and week 2 temp anomaly forecasts are attached. Highs in the 50s & 60s – some…
Models Maintain Lengthy Period of Dryness across Argentina/S Brazil; La Nina to Peak in late January: The EU & GFS remain consistent in forecasting budding dryness across Argentina & S Brazil, while above-normal rain persists across Central and Northern Brazil. This is a classic La Nina setup and concern over soil moisture in Arg/S Brazil…
