The Market The market is at the seasonal turning point. Brazilian soybean basis has turned negative relative to Chicago. March soymeal hit a contract high this week of $508.20/ST, the highest for the spot month contract since 2014. All 2022/23 soymeal contracts hit record highs, then reversed. The surge was prompted by heavy fund buying but it also signals the end of the bull run as Brazil takes over the export market. Brazilian soybean exports are up 362 percent in early February. The result for the week – March soybeans fell 0.8 percent, meal went down 1.8 percent, but soyoil was pulled higher by other oils and gained 2.5 percent.
It isn’t all singing the blues. The IGC lowered its estimate of global soybean production by...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
Key Takeaways: The Middle East and North Africa's arid climate and limited water resources have created a structural dependence on imported wheat. Government wheat tenders in major importing countries serve as important benchmarks for global trade, providing insight into exporter competitivene...
