Brazil, August 2nd _____________________________________________ The new CORN “PIE” (export incentive program) tax in Argentina is implemented as a counterpart to the agro-dollar to increase revenues In July, the Argentine government implemented an exchange policy through the Export Increase Program (PIE) with the aim of boosting corn exports by applying a differential rate of 340 Argentine…
CBOT Corn Ends Weak, Spreads Widen on Seasonal Trends, US Forecast: CBOT corn futures continue to extract premium as 5-day model guidance boosts the likelihood that rainfall accumulation upward of 1-3” impacts NE, SD and parts of IA and IL. Much of Europe is similarly wet. New supply threats are lacking, with StoneX’s survey-based yield…
Wheat Tests Early July Low; Egypt Buys Russian, Romanian Wheat: CBOT wheat futures fell for a 6th day and are now $1.35/Bu below last week’s low. Egypt’s tender results this morning confirmed that the Russian market has bottomed, but also that Russia will be a sizable exporter to nearby importing markets barring conflict-based infrastructure issues.…
Hogs End Lower as August Turns Down: August hogs were down $1 at midweek, which weighed on the rest of the CME. The nearby contract had gained $10 in the last 2 weeks, which has supported the rest of the market. However, the cash market has stalled as the August expiration approaches. The cash hog…
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