International Vegoil Markets Shrug Off Weakness in Crude; Rapeseed Oil Leads: CBT soyoil ended $.04 per pound (6%) lower this week despite lower-than-expected soybean crush data. Recent weakness in global energy markets due to Covid’s spread will keep US miles driven modestly below 2019 levels through the foreseeable futures, which on the margin has weighed…
South American Climate Outlook Mixed into November; Wheat Production Concern Rising: The attached graphic displays the IRI’s updated Sep-Nov South American precip anomaly outlook. Confidence in forecast details is low, but the general thesis is that the cooling of equatorial Pacific Ocean temps will act to sustain dryness across Southern Brazil and Argentina. Normal to…
Global Barley Market Surges Post-Harvest: Black Sea fob barley prices have soared along with milling/feed wheat in the last 30 days. The market was pressured by supply in early summer, but since early July the market has turned its focus to near record low global barley stocks/use – which is expected to drop further as…
Aussie Soil Moisture Abundant; Above Normal Rainfall Forecast for September: Australian growing areas since late 2020 have benefited from abnormally heavy rainfall, and active precip is most probable into autumn amid the development of La Nina. The attached graphic displays soil moisture ranging percentiles as of mid-August. Cumulative rainfall of .25-.50” will impact much of…
Canadian Canola Surges on Initial Low Yield Reports: Spot ICE canola on Monday rallied $16/MT as early yield results were lower than expected. Yields in the single digits (bushels per acre) are cited, and rather quickly the world’s access to rapeseed/canola supplies in 21/22 is a concern. Recall USDA pegged Canadian canola exports this year…
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