NASS offered initial US soy crop ratings (66%) on Monday, with the reading coming in well under last year’s record at 74%. The initial measurement was slightly above the long term average, but despite this rating, all is not perfect across the Midwest and Plains. Note in the chart that 78% of the…
Widening dryness is becoming more likely in the Great Plains during the summer season.
BOTTOM LINE: The USDA is likely to raise its ethanol usage forecast slightly in the July WASDE, but future growth will be difficult amid ongoing massive US gasoline supplies, and a shift in world ethanol trade. US ethanol production through the week ending June 9th totaled 294.6 million gallons, vs. 293.7 million in the previous…
** Low volume/mixed has been the morning with CME corn values trading either side of unchanged while soybeans/wheat hold in the green. Sinking crude oil and a dip below $45 July has acted to cap the early rally. And the US Central Bank is expected to raise their lending rate by .25% later this afternoon.…
The Gulf of Mexico becomes tropically active which favors a warmer than normal national climate for the U.S.
