The USDA lowered ethanol’s corn demand draw for the first time since July in its December WASDE. Official corn used for the biofuel through October is down slightly on last year, and consumption through November is expected to fall short of last year’s total by 8-10 Mil Bu. Recall prior to the USDA’s Dec report…
South American Pattern Too Wet in Argentina; Brazilian Dryness Needs Watching: The South American forecast into late December is unchanged from prior days. The GFS’s 7-day precip forecast is below. Too much rain (5-7”) will fall across Northeast Argentina. This will slow row crop planting there, with what quality concerns returning. Below normal precip will…
In this week’s newsletter, we take a look at the cost of producing wheat in the US. We also discuss how soybeans at $9.30 are overvalued given current US and world supply & demand.
January soybean futures closed at $9.20, up 4 cents for the day, and 6 cents more than a week ago. Today the contract set a four-and-a-half-month high of nearly $9.28. Two months ago, the contract set new low of $8.26. Jan meal futures was $312.60, up $1.60 for the day but $1.40 less than a…
US wheat futures ended 5-8 cents higher, basis spot, as the world cash market continues to suggest exportable supplies are dwindling. Calendar spreads in the US & Europe continue to tighten. Futures in Paris hit new 14-week highs. Egypt this AM bought 180,000 MTs for Feb arrival from Russia and Romania. No US wheat was…
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