Bottom Line: Farm Futures released estimates for 2018 crop seedings. Corn and soybean seedings were each pegged at 90.1 Mil Ac. Farm Futures’ December survey tends to over-estimate soybean seedings. In years that the soybean estimate was too high, the median error was 1.8%. Based on Farm Futures estimate of 90.1 Mil Ac, that would…
Bottom Line: China’s “spot” soybean crushing margin dropped 22 Yuan in the past week. The spot margin is now below break-even at -15 Yuan/MT. The “forward” margin slipped 51 Yuan to -67 Yuan/MT. Also, the forward margin is 144 Yuan ($0.61/Bu) below what it was a year ago. China’ Dec imports were 9.55 MMT, at the midpoint of our estimated rage of…
Bottom Line: At yesterday’s close, July soybean futures were a bit above the level that would be expected based on last Friday’s January Crop & WASDE Reports. At yesterday’s close, July soybean futures were up about 19 cents from what it was the day before the USDA reports. A model of soybean futures price, based…
Bottom Line: Last Friday, USDA lowered their projection for Brazil’s exports in their Mar-Feb local marketing year by 1.0 MMT to 35.0 MMT. Last week, Brazil exported 615,000 MT of corn last week. For comparison, Argentina exported 151,000 MT and the US exported 584,389 MT. Brazil’s corn exports are down sharply from the previous week but were…
Bottom Line: At Friday’s close, July corn futures was down about 2 cents from what it was the day before the USDA reports. A model of corn futures price, based off the January WASDE’s stocks/use projections, suggests that futures prices could drop another 20 cents by this Friday. However, the current price is within one…
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