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Summary: In the May WASDE, the USDA boosted its projection of EU corn imports by 1 MMT to 23.5 MMT. The EU is projected to be the world’s largest corn importer this year with EU imports being the highest in 38 years. With nearly eight months (Oct-May) of the international marketing year (Oct-Sep) completed, EU…
** Opening commercial and fund buying lifted CBOT corn, soybean and wheat futures off their overnight lows with corn/soybean futures pushing into the green. New crop December corn is leading the rally with wheat acting as a drag on July corn. Cheap domestic wheat prices and potential quality discounts could trim US summer corn feeding…
Summary: US ethanol production rose nearly 2% making this the third week in a row that production was up. Production also set a high for this season. Blender demand was estimated to have declined by a fraction. Ethanol stocks jumped 5.2%. Ethanol producers’ margins on May 22 were 9 cents/gln, down sharply from the previous week’s…
Forecast confidence is low but a warmer change for the central Plains is indicated days 16-20 ahead.
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