Headlines:
- NOPA Crush will be released Monday, May 16th at Noon EST
- JBS hopes New York listing will give access to cheap credit
JBS, the Brazilian beef giant, will list in New York in a bid to tap into supplies of cheaper credit. The R$162.9bn (US$47.75bn) group, which owns the Swift, Pilgrim’s Pride and Moy Park brands, is the world’s biggest meat packer. Listing in New York “will increase its access to international financial markets, improving the liquidity for its shares, with the prospect of reducing its cost of capital,” JBS said in the statement.
- Higher meat production to pressure US prices warns Tyson Foods
- Brazil president blasts critics, vows to fight impeachment
BRASILIA, Brazil (AP) — Speaking hours after the Senate voted to impeach her on Thursday, Brazilian President Dilma Rousseff blasted the process as “fraudulent” and promised to fight what she characterized as an injustice more painful than the torture she endured under a past military dictatorship. Rousseff, Brazil’s first female president, promised to use all possible legal means to defend herself in the face of a trial in which senators will decide whether to permanently remove her from office for using alleged illegal accounting tricks in managing the federal budget.
Summary:
The Weekly export Sales number were released today in conjunction with a rise in the Corn and Wheat markets but Soybean futures were kept at bay. Persistent rains in the Midwest portion of the country has caused some unwinding of Corn/Wheat spreads holding up prices.
Soybean sale were disappointing for both the current and deferred marketing years. Expectations were ranged from 350k to 500k for the 2015-16 marketing year. The actual reporting was at 212.4k. The 1016-17 marketing year was even more disappointing coming in at 6.9K vs expectations of 325k to 450k. The highs that were made on Tuesday post the USDA report have not been breached over the past two days. This is indicative of a market that has found its recent strength at the hands of speculators as opposed to strong fundamental data. Soybean commitments are at 98% of the USDA total with 25% of the marketing year still ahead of us. July Beans was off 6 cents and December Beans backed off 4.50 cents.
A strong export sales showing for the current Corn marketing year and a so-so showing for the 2016-17 marketing year was enough to push the into positive territory. Corn futures posted their 2nd highest daily gain since April 20th. Corn commitments are at 89% of the USDA total. July Corn rose 11.50 cents and December Corn was up 11 cents.
Wheat export sales were pretty strong as well. The numbers came in well above estimates for both marketing years as prices rose 8.75 cent for the July contract. The new crop sales were the 2nd best report for the marketing year. With only a month left in the marketing year total commitments are at 96.3% of the USDA total.
