AgResource Mid-Day Commentary; NOPA Crush Grows, Soyoil Stocks Greater; Midwest Corn Yields Disappoint; Funds Back Buying Corn
CBT futures are sharply higher at midday with corn/wheat leading the upward charge for the 2nd day in a row. Friday’s high was exceeded in corn/wheat which spurred fresh chart buying with the soy complex able to shrug off bearish fundamental news of China/unknown destination soybean sales cancelation, and the shifting of that demand to…
US Ethanol Production Up But Stocks Shrink Again. Producer Margins Back Off From Previous Week’s 8-Year High.
Summary: US ethanol production was up slightly this past week. Ethanol stocks shrank 1.9%. Gasoline consumption was down 7.5% after Labor Day but was only 1% less than what it was in 2019. Futures-based ethanol producer margins on Sep 15 were $1.11/gln, down $0.31 from the previous week. Last week, ethanol margins were the highest since…
Climate Impact Report: Pacific decadal oscillation/Atlantic multidecadal oscillation outlook.
Lengthy moderate cool phase of the PDO likely to fade in 2022. AMO should cool-off for northern hemisphere winter (low confidence). Fig. 1: The Climate Impact Company constructed analog projection of Pacific decadal oscillation index through 2022. Fig. 2: The Climate Impact Company constructed analog projection of Atlantic Multi-decadal oscillation index through 2022. Discussion: The…
