Corn Futures Rally After WASDE Cuts Corn yield Forecast

Corn prices rose Friday after the WASDE report cut its forecast for corn yields more than expected by analysts to 175.4 bushels per acre this year, lower than consensus 175.9 and 177 bpa in the previous forecast. USDA forecast higher corn yields than last year in Illinois, Minnesota and South Dakota, but below year-ago levels in Indiana, Missouri, Nebraska and Ohio. On Thursday, commodity funds were net buyers of all major grain contracts, including corn (+4,500). FranceAgriMer puts this year’s … Continue reading “Corn Futures Rally After WASDE Cuts Corn yield Forecast”

Petrobras Finalized Sale Producing Peroá and Cangoá Fields and BM-ES-21 Concession

Petrobras finalized the sale of all its stakes in the producing fields of Peroá and Cangoá, and in the BM-ES-21 concession. What is known as the Peroá Cluster is located in the Espírito Santo Basin was completed with 3R Petroleum Offshore, previously called OP Energia. This transaction continues Petrobras concentrating its resources on assets in deep and ultradeep waters, where it has a competitive edge. Transaction Details US$5 million paid to Petrobras when purchase and sale contract was signed. US$8.07 … Continue reading “Petrobras Finalized Sale Producing Peroá and Cangoá Fields and BM-ES-21 Concession”

Brazil Central Bank Aggressively Raises Rates for Twelfth Consecutive Time, another 50bp to 13.75%, Signals More to Come

Banco Central do Brasil​ again aggressively hiked its benchmark interest rate by .50% to 13.75%. It was the twelth consecutive interest rate hike since 2021 when the bank began its current tightening cycle early last year, the Selic was at a record low 2%. Brazil’s annual inflation stood at 11.39% in mid-July. The lending rate is now at its highest level since 2017. The bank’s monetary policy committee (Copom) said it expects to raise the Selic signaled in September again. … Continue reading “Brazil Central Bank Aggressively Raises Rates for Twelfth Consecutive Time, another 50bp to 13.75%, Signals More to Come”

Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France

Corn prices closed off their highs Friday, both September corn and December corn were up 1¢ after being up 14c in the morning. Corn closed the week with gains of more than 10%, the best weekly performance since early March. On Thursday, commodity funds were net buyers of corn by +11,000.  The weekly Crop Progress report next week is expected to show crop ratings stable if not down 1% to 2%. With the current supply and demand situation in the … Continue reading “Corn Futures Best Week Since early March Rising 10% with Hot, Dry Conditions in France”

Corn Futures Sank 6.5% This Week as Ukraine and Russia Agree to Ship Grains

Corn prices sank 6.5% this week to be down 5% on the year. Selling pressure came from Russia and Ukraine signing a deal that will possibly allow some 20 MMT of grain, moistly corn to move into the world market.  The agreement weighs on futures/CU-CZ spread, September corn settled at $5.66 ¾, down 9 ½ cents on the day. December Corn settled at 5.67 ½, down 6 ½ cents on the day. The June 30 Acreage report showed corn again the … Continue reading “Corn Futures Sank 6.5% This Week as Ukraine and Russia Agree to Ship Grains”

Corn Futures Sell off on US Rain Forecasts and French Heat Wave Speeding Up Flowering

Corn prices dropped 3.2% this week to be up just up 2% on the year. Selling pressure came from rain forecasts across the eastern Corn Belt through early next week. Internationally Canada again cancelled corn and there is talk China will approve and buy Brazil corn this summer. General market sentiment is that wheat crop conditions are better than anticipated, despite the extreme weather and heat conditions during key planting and development stages particularly in France. The early harvest could … Continue reading “Corn Futures Sell off on US Rain Forecasts and French Heat Wave Speeding Up Flowering”

Corn Futures Recovered 2.7% Last Week as Drought and Dry Weather Worries Hover

Grain futures finally caught a bid this week. Corn prices on Friday saw December 2022 futures back over the $6/bushel benchmark and recouping all of week’s losses as markets continued to take ease off on recession and inflation fears. Corn recovered 2.7% for the week. Drought and dry weather worries hover over corn and soybean markets with the scorching temperatures and humidity in the Southeast that saw a furious natural gas futures rally this week. Midwest’s drought ratings have accelerated … Continue reading “Corn Futures Recovered 2.7% Last Week as Drought and Dry Weather Worries Hover”

Corn Futures Selling Picked up Speed Around USDA Planted Acres and Quarterly Stocks Report

Deja vu for corn and other grain futures this week as heavy selling continued. Corn prices on Friday were mixed after traders adjusted their positions ahead of the July 4 holiday weekend. July futures firmed 7 cents to reach $7.5075, while September futures dropped 9.25 cents to $6.1950 adjusting after USDA’s Thursday morning release of the June 30 Acreage report. The report showed corn again the largest crop produced in America in 2022. USDA raised 2022 acreage expectations for corn by … Continue reading “Corn Futures Selling Picked up Speed Around USDA Planted Acres and Quarterly Stocks Report”

Iran Applies to Join China and Russia in BRICS

Iran, following a virtual summit last week where Chinese President Xi Jinping joined Russian President Vladimir Putin and other BRICS leaders, announced they would like to join BRICS themselves. The move, while an obvious cheap political ploy to divert from the G7 meeting going on over the weekend underscores the so-called outcast triad of Iran, China and Russia. The three nations have been largely labeled as outcasts for various reasons by the majority of the civilized world. The term BRIC … Continue reading “Iran Applies to Join China and Russia in BRICS”

Corn Futures Fell 7.8% For the Week Ahead of USDA Planted Acres and Quarterly Stocks Report

The selling in corn and other grain futures continued this week. Corn futures fell 7.8% for the week though it reversed some of those losses Friday with some short covering. Much of the pullback has been taking pressure off from the speculative surge on record corn export volumes and higher unit values. Focus is on next Thursday’s planted acres and quarterly stocks updates from USDA is one of the agency’s most highly anticipated reports of the entire year. The report … Continue reading “Corn Futures Fell 7.8% For the Week Ahead of USDA Planted Acres and Quarterly Stocks Report”