- With the US closed for their President’s Day holiday we appear to have been at something of a loose end today with markets lacklustre at best.
- The weekend has seen some slight improvement in the weather pattern over Argentina with some shower activity, but make no mistake, more precip is required in coming days and weeks to relieve the current dry stress situation. In the US, the southern Plains region has also received some welcome rainfall but nowhere near enough to put an end to the summer, autumn and winter drought which they have been experiencing.
- The US soybean crush figures, released Friday, is 16 million bu above l;sat year’s level, and continues to set usage records. It is expected that the March 1 stock report will show the lowest stock level in a decade when it is reported at the end of March. Crush margins remain positive in the US and also in China, who are expected to return to their buying pattern having returned from a week long absence in celebration of their New Year holiday.
- We await the opening of US markets tomorrow with interest to see if there truly are any signs of price recovery and reversal of price declines.