Brazil Soy Crop Keeps Declining The size of the Brazilian soybean crop seems to decline with each passing week. Most estimates by government and private analysts are now at least 12 MMT below earlier forecasts of around 125 MMT, and some have it much smaller than that. USDA’s estimate of last week was 117 MMT, but it is normally cautious about lowering its projections, and a further decrease next month is likely. Oil World has reduced its forecast to 113.5 MMT but suggests the total may be even lower. (It also expects the crop in Paraguay to be no more than 8.4 MMT versus 9.95 MMT a year ago.) This week the Brazilian consulting firm AgRural lowered its forecast for the same soybean crop by almost 4.5 MMT to 112.5 MMT, which would be...
What You Need to Know Today: Cattle futures extended their sharp selloff Friday as weakening cash cattle prices, deteriorating feedlot profitability, and reduced packer demand continued to weigh on the market. The inability of futures to sustain a rally following last week's bullish Cattle on...
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...
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