The Market The trade is spooked about the current weather pattern. This is especially true for corn but it is becoming a factor in oilseeds as well. This week’s Drought Monitor showed 51 percent of soybeans in the U.S are now drought conditions. Add to that another cut in Argentine soybean production and the impacts of El Nino on palm oil production in Southeast Asia. Meanwhile, demand stays strong with NOPA May crush a record for that month. In the end, it is clear why a weather premium got added late this week ahead of a three-day holiday hiatus for the market. For the week, July soybeans added 80 cents (5.7 percent), July meal went up $19.20 (4.8 percent), and July soyoil gained 5.1 cents (9.3 percent).
For the week endi...
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...
