Attended a US market outlook last week.
Lots of uncertainty on the overall economic front but agriculture (crops anyway) generally optimistic. China factor and their policies are something that has potential to be a major market mover.
Futures rice ranges (old and new crop) from the conference.
Soybeans old crop - $12.75 to $14.25/bu. New crop similar range. El nina south america? US acreage 2011?
Soybean oil - 52 to 56 cents/lb old and new crop. US policy around bio diesel - will bio diesel credit get renewed?
Wheat (MGEX) - Old crop $6.75 to $8/bu range. New crop $6.75 to $7.75/bu. Even with issues in Russia, Ukraine, Canada, etc., world wheat situation not as tight as other crops (not even close to 2007/08). Will be tied to corn although wheat still not showing up in rations in the US. Bigger US exports forecast but a relatively slow pace to date.
Corn - Old crop - $5.40 to $6.40/bu range. New crop $4.60 to $6/bu. Tight US S & D. Battle for acres with soybeans 2011.
Assuming you can get your crop in the ground (a challenge for many), 2011 is promising to be a very good year price wise.
Lots of uncertainty on the overall economic front but agriculture (crops anyway) generally optimistic. China factor and their policies are something that has potential to be a major market mover.
Futures rice ranges (old and new crop) from the conference.
Soybeans old crop - $12.75 to $14.25/bu. New crop similar range. El nina south america? US acreage 2011?
Soybean oil - 52 to 56 cents/lb old and new crop. US policy around bio diesel - will bio diesel credit get renewed?
Wheat (MGEX) - Old crop $6.75 to $8/bu range. New crop $6.75 to $7.75/bu. Even with issues in Russia, Ukraine, Canada, etc., world wheat situation not as tight as other crops (not even close to 2007/08). Will be tied to corn although wheat still not showing up in rations in the US. Bigger US exports forecast but a relatively slow pace to date.
Corn - Old crop - $5.40 to $6.40/bu range. New crop $4.60 to $6/bu. Tight US S & D. Battle for acres with soybeans 2011.
Assuming you can get your crop in the ground (a challenge for many), 2011 is promising to be a very good year price wise.
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