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Canada Know-Risk Market Outlook | Oversold Ag Markets Rebound

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Canada Know-Risk Market Outlook
 
Craig Turner
Office: 312-706-7610
Twitter: @Turners_Take
Podcast: Turner's Take Podcast
Network: LinkedIn
 
GRAINS & OILSEEDS | The Ag markets are bouncing higher today after days of being at oversold levels.  Weather is non-threatening in N. and S. America.  We should starting hearing about early planted soybean yields in Brazil.  Private analysts are looking for Brazil soybeans to be 145 to 155 MMT, down from the 165 MMT estimates from the start of the season.  The trade will be very interested to hear how early soybeans faired in Brazil.
Canola is finding support along with the other global oilseeds.  Front month soybeans bounced off of $12.00, palm oil is nearing 4000 ringgits, and EU rapeseed oil is trading only a few cents away from US soybean oil.  Veg oil may be making a bottom or at least finding a value range globally.  Renewable biodiesel production should increase in the 2nd half of 2024 and the trade will want to see demand increase before funds exit their short soybean oil position and start getting net long.
This afternoon’s USDA Cattle on Feed Report is expected to show all U.S. cattle on feed as of January 1 at 11.927 million head, or 102.1% of last year.  December cattle placements are seen at 95.4% of last year.  December marketings are estimated at 99.3% of last season. 
Related tags: Grains & Oilseeds

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