Argentine Corn Market Preps for New Supply; US Competition Lacking Elsewhere: Argentine fob premiums for mid-spring delivery have fallen seasonally in recent weeks. Currently, Argentine corn is offered upriver at $.70/Bu over May CBOT, vs. Gulf basis at $.90. However, when factoring in the cost to top off vessels at port, US and Argentine corn…
Chinese Corn Prices Fail to Retreat Despite Record Imports: Dalian corn futures have recovered rapidly from modest losses in mid-January. The market there has again breached $11/Bu. Total Chinese import commitments are estimated at 24 MMTs, yet this is had no material impact on prices there. ARC continues to hear that China’s interest in old…
Cold US Pattern Lingers into mid-February; Additional Moisture Loss Probable Across Plains: Short-and long-term Central US forecasts maintain a frigid temp pattern beginning this weekend. There’s broad agreement that Midwest temps next week will drop to levels 20-30 degrees below normal, while freezing overnight lows drift as far south as the N. Delta. Abnormal cold…
Russian Farmers Begin Selling Inventory; Sales Percentage Uncertain: EU wheat markets ended weaker on Wednesday amid strong talk that Russian farmers have begun to part with a portion of their stored supply. Quantities are unknown and whether sales have been made to exporters or domestic millers is uncertain. However, the rally in world cash wheat…
Central US Trends Much Colder Beyond Feb 5; Frigid Temps Linger: The forecast maintains that relative warmth ends on the weekend. Temps during Feb 6-15 will exist some 5-20 degrees below normal. Extreme cold favors the N Plains and Canadian Prairies. The CFSv2’s 16-30 day temp anomaly forecast is attached, and this cold pattern is…
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