WASDE brings another reduction in global wheat stocks

The April WASDE report released last week was pretty much as expected across many commodities, but global wheat ending stocks did surprise with another sizeable drop. Stocks fell 5.67 MMT from 301.19 MMT to 295.52 MMT. The trade expected stocks to hold near 301 [...]

Safrinha planting nears completion

As of Mar. 18, safrinha corn was 90 percent planted as periods of dryness allowed for accelerated planting. Strong corn prices continue to incentivize Brazilian farmers to plant well beyond the ideal time. Brazilian soybeans were some 59 percent harvested overall with Mato Grosso’s [...]

Soybeans & meal turn bearish

A lackluster WASDE and higher production in Brazil helped to pressure soybean futures last week. May-21 soybeans lost about $0.20 per bushel over the course of the week as Brazil revised its production estimate higher: Its crop could be large enough to cover losses [...]

Soybean prices test new highs before falling

Soybean futures prices rallied last week and tested new highs, with values Thursday reaching $14.43 per bushel. However, prices could not hold and subsequently ended the day below the previous high of $14.36 per bushel on Jan. 14. Soybean harvest delays in South America [...]

Harvest conditions for corn & soybeans in Mato Grosso may improve

During the week ending Feb. 12, Brazil’s soybean harvest advanced to 9 percent complete, up 5 points on the week but about 11 points below the five-year average. More rain is expected in northern Brazil before March, which would further delay harvest. However, less [...]

WASDE confirms lower domestic soybean stocks

Last week’s WASDE report confirmed the trade’s expectation of declining domestic soybean stocks. Now pegged at 120 million bushels, U.S. soybean stocks are poised to touch their lowest level since 2013/14. After an initial bullish market reaction, futures traded lower on Wednesday before climbing [...]

Corn futures consolidate ahead of USDA report

Corn prices traded in a relatively narrow range of about $0.10 per bushel last week. Traders were also positioning ahead of what is expected to be a fairly bullish WASDE report tomorrow as the market foresees the potential for additional declines to ending stocks [...]

A wet start to South American soybean harvest

As of last week, soybean harvest in Brazil’s Mato Grosso was just over 2 percent complete, down about 12 points YOY and almost 10 points below the five-year average. Rain is expected in Mato Grosso in the near term but should not hinder decent [...]

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