CBOT corn futures will be guided by cash markets in South America and the Black Sea going forward. Ukrainian fob basis has rallied to a new multi-year high at $1.70/Bu over CBOT futures today. This compares to just $.40/Bu one year ago. Brazil’s interior market also continues to soar and when valued in USD is…
The October USDA estimates featured updates global red meat and pork estimates. Historically, the USDA has refreshed USA estimates every month, but global figures were updated just twice per year (April and October). Starting in 2020, the USDA began offering 2 additional reports between the April and October estimates to refresh figures for selected countries.…
US sorghum export commitments have exploded in recent months on the return of Chinese demand. On a known basis China has secured 80 Mil Bu of US sorghum as of early October. This compares to zero in the previous two marketing years. Recall Chinese importers do not require government-issued TRQ licenses to secure sorghum. Rather,…
Argentine soybean crush rates have been sharply curtailed from the start of their local crop marketing year that began in April. The August crush was reported at 3.8 MMTs or 79% of last year and the Apr-August crush of 18 MMTs was 88% of the previous year and the slowest in more than a decade.…
Argentina does not benefit from seasonal tropical rainfall patterns. However, Argentina has benefited from massive row crop yield improvement over the last decade. This is especially true over the last five years, with rising profitability being poured into Argentine farming operations. In the last 28 years, Argentine corn yield has fallen below its 15-year trend…
