Soyoil Leads Complex to be Best Soybean Close in 2 Weeks: Soyoil led gains across the complex while May meal held firm, with May closing back above $400 and strength in both product markets lifted soybeans 9-10 cents. The HOBO spread, or the per gallon spread between heating oil and soybean oil, continues to fall…
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Fig. 1-2: U.S. soil moisture anomalies and March (so far) change. Fig. 3-4: Current June 2021 U.S. soil moisture forecast including extreme risk. U.S. soil moisture discussion: Dry-to-drought conditions are fairly widespread across the U.S. as late March arrives (Fig. 1). The most dramatic aspect of the U.S. soil moisture regime in March is the…
Dull/mixed is the CBT at midday with corn/wheat lower while the soy complex trades firmer. An early CBOT rally faded with strong cash markets underpinning the midday decline. US farmers show no interest in selling a break with commercial elevator sources telling ARC that rising cash soy basis is having no impact on securing additional…
Summary:  Unexpectedly US ethanol production dropped last week.  However, ethanol stocks were up 2.2.%. Gasoline consumption slipped this week but is down 13% from a year ago. As of Mar 19, futures-based ethanol producer margins were -36.04 cents/gln, down 9.08 cents from the previous week. Blender margins were 1.44 cents/gln, down 2.05 cents from the previous week. Blender…
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