Summary: As expected, US ethanol production snapped back from the shutdowns caused by the Polar Vortex that struck the Midwest. Output surged nearly 23%. However, ethanol stocks were down 1.6%. Gasoline consumption rose this week but is down 11% from a year ago. Futures-based ethanol producer margins on Mar 03 were -37.75 cents/gln, up 31.40 cents from…
Charts of the day: Is the “least likely” forecast for days 11-15 the most correct? Discussion: The Madden Julian oscillation is forecast by most (not all) models to strengthen in phase_1 (tropical Atlantic). If MJO P1 is generated and as strong (or stronger) than indicated the U.S. forecast is cooler and drier than current operational…
Fig. 1-4: Mega-cluster ensemble “most likely” precipitation anomalies for South America days 1-15 and the GFS ENS temperature anomaly forecast for days 6-10. South America discussion: Thematic remains on-and-off rainfall for southwest/southeast Brazil while dryness persists in Argentina (Fig. 1-3). Soil moisture dryness persists across Brazil soybean areas with some slight improvement. However, Argentina dryness…
AgResource Farm Marketing Advice for Wednesday: 1/ No new advice. 6:30 AM CBOT Prices: May soybeans are down 3.50 cents at $14.09, May corn is down 5.50 cents at $5.395 while May Chi wheat is down 7.00 cents at $6.5925. AgResource AM CBOT Comment & Analysis: Good Morning! CBOT futures are lower as the market…
AgResource Farm Marketing Advice for Wednesday: 1/ No new advice. China’s cash soyoil price is back testing the 2012 highs when US soybean prices were flirting with values above $17.50/Bu. Soyoil’s contribution to margin in the US, Brazil or China is much greater in 2021 – than the great drought market of 2012. There is…
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