AgResource LATAM, Jan 27
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New CBOT Corn Contract High ($5.4375 Mar) on New US Sale To China; US Soy Demand Rationing Elusive (Needed)
CBOT futures are mixed at midday with the summer row crops firmer, while wheat sags on intercrop spreading. Traders are using wheat as their short leg against long corn/soybeans amid building market volatility. The wheat/corn spread has narrowed to a premium of $1.24/Bu with corn being the bullish stalwart. Canola futures have soared to fresh…
US Ethanol Production Down, Blender Demand Up, But Ethanol Stocks Unchanged.
Summary: US ethanol production was down 1.3%. Blender demand was up 1%. However, ethanol stocks was nearly unchanged. Gasoline consumption fell this week and is down 11% from a year ago. Futures-based ethanol producer margins on Jan 12 were -69.50 cents/gln, down 20.20 cents from the previous week. Blender margins were -0.11 cents/gln, up 0.76 cents from the…
Russia Reverses Warmer
Highlight: Russia reverses warmer. Fig. 1-2: Last week the cold snap earlier this month reversed warmer in Europe while a persistent big chill continued to dominate Western Russia. Discussion: Arctic cold and snow earlier this month across Europe was replaced last week by a warmer than normal climate (Fig. 1) while the persistent mid-winter cold…
