Old crop US wheat stocks were raised 20 million bushels amid lower projected exports. New crop end stocks were pegged at 774 million, vs. the Outlook Forum’s projected 698 Million Bu. This was largely expected amid larger winter wheat seedings. NASS in its initial survey-based forecast projects US winter wheat production 1,283 million bushel. Yield…
CBOT Corn Recovers; Fundamental Input Little Changed: CBT corn futures rebounded after Monday’s liquidation break. There has been no material change in interior basis bids with ethanol markets still paying $.50-.60 over futures for May/June. Old crop corn futures paced Tuesday’s advance. On the bullish docket was that Brazilian subsoil moisture will be eliminated entirely…
Corn Plunges on Fund Profit Taking; Basis Levels Firm; China Active in Securing New Crop Supply: Nothing has changed for corn fundamentally. However, the market was overbought ahead of a key USDA monthly crop report. A correction ensued with key chart support noted below $7.00 in July and $6.00 basis December corn futures. Farther downside…
CBT Corn Searches for Price that Slows Demand: CBOT futures again found newer highs. Central US weather concern is noted as abnormal dryness intensifies across the Great Lakes and Northwestern Midwest into late May. Brazilian crop estimates continue to fall to or below 90 million tons, which if realized makes solving the world’s feedgrain supply…
New Day, New Contract Highs in CBOT Corn; Lasting Slowdown in Demand Requires Higher Prices: CBOT corn futures ended sharply higher, again led by December. There’s no sign of rain in Central Brazil into May 21. Argentine corn harvest this week is just 23% complete vs. 38% last year and 32% complete on average. Forward…
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