Massive Soy Sales for Brazilian Farmers Yesterday
Soybeans Recovered Overnight
Soybeans recovered overnight trying to pair back the 30-cent losses from Thursday. Corn and wheat were also firmly in positive territory to start the day.
US weather in the Cornbelt through the end of May should be cooler than normal with daily averages coming in 10 to 15 degrees below normal. Rainfall is expected to be on the topside of normal with KS/MO expected to see totals of up to 4 inches through this weekend.
Brazilian farmer sales were said to be massive yesterday following the collapse of the Brazilian Real. Reports vary from 2 to 5 MMT were sold yesterday alone as farmers raced to cash in on the currency swing lifting their farm-gate prices. Even so, Brazilian soy farmers have sold only half of their record 2016/17 crop by Friday, compared to 67 percent sold at this time last year and a 5-year average of 65 percent of sales, independent consultancy Safras & Mercado said.
The condition of French soft wheat declined slightly last week, with 75 percent of crops rated good or excellent as of May 15, down from 76 percent a week earlier, farm office FranceAgriMer said on Friday. The ratings slip reversed a small improvement in the previous week, and may indicate that growing conditions in the European Union's biggest cereal producer remain mixed despite rainfall and warmer temperatures this month that broke a dry, cold spell in April.
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