AgResource Midday Commentary: Row Crops Soar on Brazilian Heat/Dryness; Meal Paces Rally; Brazilian Corn Market Adding Premium

AgResource Farm Marketing Advice for Monday: 1/ No new advice.                                           Corn, soybean and meal futures are sharply higher at midday, with wheat in tow and with soyoil weaker. Meal in recent weeks has been carrying the load in keeping US cash/futures-based soy crush margins elevated – which has worked against strength in oil. ARC’s research…

AgResource Midday Commentary; December Corn Scores New Low; US Soy Product Demand Stays Strong; GFS Midday Brazilian Forecast Hot/Dry for N Brazil Next 10 Days

The USDA is closed for the Veterans’ Day Holiday. There were no daily US export sales and the CFTC’s CoT report will be released on Monday. The US House continues to work on a budget, but a continuing resolution is a 50/50 bet with a shutdown to occur next weekend if a deal is unable…

AgResource Midday Commentary: CBOT Extracts Premium on Larger US Corn, Soy Yield Forecasts; GFS Wetter in Brazil Beyond Nov 22 but Extreme Heat/Dryness Continues Nearby

AgResource Farm Marketing Advice for Thursday: 1/ No new advice.                                           The USDA’s November WASDE is viewed as modestly bearish as US corn, wheat and soy stocks were increased slightly and as global corn end stocks were lifted 2.6 MMTs to 315 MMTs, which if correct will be a 5-year high. Spot CBOT corn posted a…

AgResource Midday Commentary; Wheat Soars as Rumors that Russia Hit Private Cargo Ship in Odessa Oblast Port; Soymeal Bulls Look for Big Sales Tomorrow; AgResource Brazil Lowers Soy Crop Estimate to 156 MMTs

Soybean/soymeal futures pushed to new rally highs while the grain markets played catch up. The USDA November Crop Report will be released tomorrow at 11 AM CT. And Brazil’s CONAB will update their 2023/24 corn, soybean, and wheat crop estimates beforehand. ARC doubts that the USDA data produces statistical fireworks with the trade looking for…

AgResource Midday Commentary; Soybeans/Soymeal Surge to New Rally High; GFS Foreacst Offers No Change in Brazilian Weather Pattern; China Books 300-400,000 MTs of US Soybeans for Dec/January

Soybean and soymeal futures pushed to new rally highs while soyoil falls on oil share spread selling, while the grains are mixed. CBOT corn continues to sag for technical reasons with Friday’s reversal high unable to be exceeded. The CBOT market has all about “fund flow” determinate with soybean/soymeal charts bullish and pushing higher. Corn,…