The world wheat market is so far unmoved by the $30/MT export tax on Russian wheat beginning Feb 15th. This is due to uncertainty. Indeed, how Russian interior cash and fob markets evolve in the next 30 days is difficult to predict. Russia’s interior market will be watched closely in the weeks ahead. Yet, ARC…
The NOPA November crush was record large – even with US soybeans at $12/Bu. NOPA reported a November soybean crush rate of 181 Mil Bu, AgResource estimates a total November US soybean crush of 192 Mil Bu. This will be down 5 Mil Bu from October, but 17 Mil Bu more than a year ago,…
AgResource has discussed that corn yield in Argentina is directly impacted by December weather as early planted corn begins to pollinate. Weather models can peek into the final days of December. And as La Nina’s grip on Argentine weather tightens, a pattern change to wetter conditions is unlikely. The attached graphic displays the correlation between…
Earlier this week, Chinese customs reported a November soybean import rate of 9.6 MMTs. This was a record large import figure for the month, but still slightly below expectations based on major exporter shipments in October. Based on shipments from major exporters in November, AgResource estimates that Chinese December imports will total just over 9…
20/21 Argentine corn production was lowered 1 MMT to 49 MMTs. Both area and yield were lowered slightly. Other balance sheets were left alone. However, the story of global corn supply and demand in this year’s Dec WASDE is one of rising demand. USDA raised Chinese imports to 16.5 MMTs, vs. 13 previously. This better…
