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 [...]

Pre-WASDE estimates: Corn stocks slightly lower

On average, the industry expects USDA to lower its 2020/21 domestic corn ending stocks forecast from 1.702 billion bushels to 1.691 billion bushels in Thursday’s WASDE. This estimate may reflect an anticipated increase to exports. Globally, 2020/21 ending stocks are expected to drop by [...]

Corn market awaits WASDE

Some fundamental information came out last week to drive corn futures prices, but the dominant market factor was the risk-off/risk-on trades of the speculative community. This allowed corn to drop to short-term support around $4 for the Mar-21 contract before retracing to near $4.20 [...]

Corn rises again

Nothing seems to be stopping speculative interest in corn (and other ag commodities). Dec-21 corn futures continued to climb higher last week, testing contract highs near $4.20 per bushel, a value last reached in July 2019. The current net long position in ag commodities [...]

Spring rains provide planting window in South America

While some crop row in South America areas are still mostly dry,  some key region in Argentina and Brazil have seen an uptick in precipitation and soil moisture in the last ten days, allowing planting to accelerate and lessening the risk of replanting due [...]

Brazil center-south sugar output up 45% YOY

Through mid-September, Brazilian center-south cane crush is up 5 percent YOY. The cumulative sugar share is 47 percent of cane crush vs. 35 percent a year ago. As a result, sugar production is up 45 percent YOY at 29.07 MMT. Ethanol manufacturing, however, is [...]

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