Rapeseed Markets Score New Highs; EU Rapeseed Premium to CBOT Soy Reaches 72%: AgResource continues to highlight global rapeseed/canola price action as markets in Europe and Canada continue on a path of rationing old crop supplies. Similar to the US soy market, this chore will be rather difficult to accomplish amid highly profitable crush margins…
There is some measure of concern regarding summer US climate outlooks. Parameters can change in the weeks & months ahead, but as of now NOAA’s summer forecast is worrisomely warm and dry across the Western Midwest and the Plains. NOAA’s June-August temp (top) and precip probability forecasts are attached. Confidence in long-range forecast details are…
Argentine Basis Soars Amid Late Harvest; Coming Brazilian Demand: Upriver fob basis in Argentina this week is quoted at $1.30 over spot CBOT corn. The recent surge is highly counter-seasonal but is logical given Argentina’s total harvest will not surpass 50% complete until early June. Additionally, Argentina’s early corn surplus will flow to neighboring countries,…
Central Brazilian Forecast Favorable;Long-Term Moisture Deficits Persist in Mato Grosso do Sul, Sao Paulo & Goias: The two-week Central Brazilian forecast features near normal precip and temps, which bodes favorably for safrinha corn development. Dominant/blocking high pressure Ridging will be only intermittent and soil moisture will be slowly replaced across the drier areas of Brazil’s…
EU Wheat Basis Level Soars Along with Futures: Europe’s grain market is most exposed to Russian wheat and Ukrainian corn supply loss, and this is being reflected not only in futures, but also interior premiums. The attached graphic shows that spot wheat basis in Northern Germany – a major export corridor – has rallied to…
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