Tidbits, Q&A: Side Markets, Rain Days Update 2/4/24

Tidbits

Two Ukrainian attack drones struck the largest oil refinery in southern Russia yesterday.

Local authorities in Russia said that a fire had been extinguished at the Volgograd refinery following a drone attack. Oil producer Lukoil said the plant was working as normal.

Kory Melby is a former Minnesota farmer who immigrated to Brazil about 24 years ago and became a consultant for everything related to agriculture. Roger first met Kory in February 2003 and has come to respect his judgment and thoughts.  Kory eats and sleeps world soybean and corn markets. Here are Kory’s comments Friday afternoon:

"Aprosoja (Brazil farmer association) keeps doubling down (on poor Brazilian soybean crop at 135 mil. mts).

White fly pressure on later soy and late season dryness are still factors.

Argentina crop is going backwards. etc.

(Farmers) Asking for govt help to restructure debts.

Obviously, soy market disagrees.

Creating an apocalyptic soy disaster is not useful for their members.

Conab and USDA (reports) again next week. Let us see what they say.

Soy range seems to be from 143 to 158 mil mt. concentration of estimates in the 150 area.

Very, very strange times."

Want to read more?

Subscribe to wrightonthemarket.com to keep reading this exclusive post.

Subscribe Now