This week’s intense rally in South American corn futures/cash markets is telling, validating that USDA’s 21/22 production forecasts in both Argentina and Brazil are overstated – potentially by a wide margin. ARC has discussed at length that futures in Brazil have rather quickly bottomed and since the middle of May have worked to widen their…
Long liquidation has dominated price determination this week, but ARC’s US and global grain and oilseed balance sheets are unchanged. The world sits on the cusp of a food crisis, and in the case of wheat/barley there’s no indication that Mother Nature will better cooperate with producers into the late June. It’s difficult to overstate…
Sales trends of US old and new crop soybean and grain have been sharply mixed this year, with a host of underlying fundamentals impacting each market differently. In soybeans, the US has picked up unanticipated old and new crop sales from the start of the year as the world market adjust to sharply lower South…
AgResource President Dan Basse testified in front of the World Trade Organization (WTO) in Geneva, Switzerland last week as the world confronts its first potential food crisis since the early 1970’s. Basse was in Geneva to present at our annual world grain conference called – GrainCom. The UN, the World Food Program and the WTO…
The May Cattle on Feed report was slightly bearish for CME futures for early trade next week. The May placement rate was larger than expected, and the May 1st feedlot inventory was 102% of last year versus the average estimate of 101%. The difference between expected on feed and actual was 90,000 head, or less…
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