Russian Interior Wheat Weakens, Rising Ruble Adds Weight: World cash wheat prices drifted lower to start the week. German fob wheat for May-Jun delivery at $256-258/MT, which is at parity with comparable Gulf HRW. There are also reports that spot Russian milling wheat is buyable at $253/MT, and the return of Russia as an exporter…
Argentine Fob Corn Basis Firms; Early Bottom Possible: Argentine up river fob basis has rallied this week for the first time since early February. Forward offers range from $.55-.65/Bu over CBOT futures, which amid lofty freight rates puts US and Argentine corn at parity into Asia for May-June arrival. ARC detailed in this evening’s wire…
Central US Drought Relegated to Dakotas; Midwest Sees Favorable Mix of Rain/Sun and Warming Temps: The Central US forecast is broadly favorable, though a close eye must be kept on short soil moisture across the Dakotas over the next 30 days. Drought has been eliminated from the principal HRW Belt over the last two weeks.…
Firm Veg Oil Markets Support Rapeseed, Sunseed; CBOT Soy Discount Stays Perched Near Multi-Year High: Global minor oilseed markets remain in a bullish trend, driven by ever-tightening nearby supply availability. Veg oil markets at multi-year highs lend further support as strong crush will be required indefinitely to boost domestic veg oil inventories. Canadian canola’s premium…
Plains Receive Second Round of Needed Precip; Positive Soil Moisture Anomalies Widespread Everywhere but N Plains: The attached graphic displays 14-day precip accumulations. Abnormal dryness/drought perists across the Dakotas and Canadian Prairies, but storms have left soil moisture surpluses elsewhere across the Plains, Delta and the S Midwest. Moderate rainfall of .50-1.00” moves across the…
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