AgResource Farm Marketing Advice for Thursday: 1/ No new advice The Biden Administration paused its drawdown of the US Strategic Petroleum Reserve in mid-January after drawing stocks down to the lowest level since 1983. And despite the talk of restocking, withdrawals resumed in early April. This week’s EIA Petroleum Status Report showed that the SPR…
Western Plains Forecast Wet; Midwest Stays Dry into June 7; Heat Probable in 6-15 Day Period: The EU and GFS models are in better agreement, with the GFS having eliminated Midwest rain chances in the 11-15 day period. The outlook remains concerning in that the return of rain and mild temps across the primary Corn…
The debate is intensifying over the placement on the N American jet stream in mid/late June. Confidence in details so far is extremely low, but because there a stalled pattern across the Northern Hemisphere, the debate is growing as how long the Midwest dryness will persist? The graphic shows the CFS model’s latest week 3…
The 2023/24 crop year will be one of transition from extreme supply tightness to adequate/abundant supplies if Mother Nature cooperates in both hemispheres over the next 12 months. USDA outlooks make sense as only trend yields can be used prior to the growing season, and a recovery in Argentine output is probable following three consecutive…
Soybeans End Lightly Mixed at Midweek: CBOT soybean futures were lightly mixed, but little changed on nearby strength on Wednesday. July soybeans gained 2 cents on quieter trade, while new crop was down 2.75 cents. After falling to multi-year lows through the first 4 months of the year, soybean crush margins finally found a low…
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