09/03/2024 Rearview Markets, Drought in Brazil and Beef Prices

Above you will find today’s instalment of Moring Market Talk. Beef Prices Tumble You can click on the picture above to take you to this morning’s episode. On the Grains Good morning and good riddance to the 23/24 marketing year. We turn the page into September and the start of harvest. Long perceived fears of basis pricing and DP pricing vs the September came and went while managing to pull the Sep/Dec spread in two cents, currently sitting at 22 cents. Why did this happen and not flush the September board like the March and July contracts did? First off, some end-users still are needing coverage to get to the fall harvest and especially in areas that have production concerns. Secondly, we have seen spot export sales that will need to be covered yet this month as well and last but not least, many DP (delayed pricing contracts) are set to expire the middle of October end-users/elevators basis is the widest giving them as cheap of ownership possible. What do we have to look forward to this harvest, while if you are sitting in an area that is tributary to the Mississippi River and the export system we have, yet…