AgResource LATAM, Dec 29
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ARC Mid-Day Commentary; US Ethanol Grind Stays Hot on Fat Margins; South Central Brazilian Weather Forecast Drier at Midday; GASC secures 300,000 MTs Wheat
After a lower opening, CBOT grain futures roared higher with wheat/corn being the upside leaders. Liquidation ahead of January delivery pressured soybeans/ soymeal, but ARC is not expecting that any large amount of deliverable supply that will be tendered Friday. Commercials will hold fast to deliverable CBOT soy supplies amid ongoing US export demand and…
Egypt’s GASC Buys Wheat From Ukraine, Romania, and France (but not Russia).
Summary: Today, Egypt’s GASC purchased 300,000 MT of wheat from France, Romania, and Ukraine for shipment in Feb 15-Mar 02. The average FOB price paid was $335.65 MT. That is down $16.72 MT from the average price paid at the tender held a month ago. The average CIF price paid in today’s tender was $361.27 MT. …
Ethanol Production Higher But Stocks Lower. Gasoline Consumption Highest Ever for Christmas Week.
Summary: US ethanol production was up slightly. Ethanol stocks were down slightly, the opposite of what some traders had expected. Gasoline consumption surged 8% and was the highest ever for the Christmas Week. Blender demand is estimated to have risen 3.3%. Ethanol producer cash-based margins lost another 10 cents and fell to $0.50/gln (over all…
Global Weekly Soybean and Wheat Exports Decline, Corn Exports Rise.
Soybean weekly exports were down 171,000 MT from the previous week. But cumulative soybean exports are up 2.2% from a year ago. USDA projects total global soybean exports to be up 4.6% from a year ago. USDA’s Dec projection was raised 0.1% from the previous month. Corn weekly exports were up 59,000 MT from the previous…
