AgResource LATAM, Jul 13
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AgResource Farm Marketing Fills for Wednesday: 1/ Corn/Soybean Producers; Priced the last 16.5% of the 2021 crop on a basis contract sale under Sept corn and August soybean futures. Central IL is bidding $1.20 over on corn and $1.40 over on soybeans. Cash basis will start to erode by late July as the new crop…
South American Corn Basis Firm: Argentine Producer Sales Challenged by Inflation: Like the US interior market, South American fob basis has soared following the roll from July to September. Seasonally, it’s also becoming difficult to be bearish of the South American cash corn market as harvest pressure eases and as importer demand is found in…
Soybeans Close Firm; Last Week’s Low Holds: Soybeans marked modest gains at midweek as liquidation in energy markets slowed and prices started to recover. Soymeal paced the recovery, with July meal trading a new contract high ahead of expiration, while August marked the best close since late April. Estimated cash crush margins remain exceptionally strong,…
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