Central US Trends Colder Through Balance of Winter; Frigid Cold Possible Early February: Relative Central US warmth comes to an end late next week as arctic air moves deep into the Central and Northern Plains. Model agreement this evening is solid and lows temps across the N Plains and Great Lakes Feb 4-10 will drop…
US Corn Market Sees Only Modest Competition from Argentina; Competition from Northern Hemisphere Exporters is Absent: US exporters have sold 2 MMTs to China in the last 48 hours. Excluding FAS’s weekly sales report on Thursday, US export commitments on a known basis as of late January now sit at 1,975 Mil Bu. Exporters in…
ENSO Forecast Highlights the Likelihood of an Extended La Nina: NOAA’s CFSv2 model in recent days has featured a sizable change in its ENSO forecast. A modest weakening of La Nina is forecast into late winter, but La Nina returns and amplifies thereafter into summer. If realized, this will expose a large portion of the…
Minor Veg Oil Markets Ignore Weakness in Palmoil: Malaysian palmoil futures have fallen noticeably since mid-January on strong talk that multi-year prices were harming demand growth, on the margin. Palm oil pricing cannot be ignored as it’s the world’s largest traded veg oil. Yet, importantly, other oilseed markets have largely shrugged off weakness as the…
CBOT Soybean Discount to Competing Markets Widens: Profit taking has been the dominant this week in global agricultural markets. Grain and oilseed markets worldwide have rallied to new multi-year highs, became overbought, and then corrected. The trade is now measuring whether consumption patterns have been impacted by lofty prices, while South America’s soy crop has…
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