The EIA’s May Biofuels Capacity and Feedstocks Update showed that feedstock usage in March was sharply higher on both a monthly and a year-over-year basis. US biofuel producers consumed 2,350 Mil Lbs of feedstocks during the month, which was a 21% increase from February and a 43% gain over last year. It was also a…
The state of the US corn crop on May 28th was good but far from abnormally highly rated crops in 2014, 2018 & 2021. This season’s initial crop rating is 69% GD/EX, vs. 73% last year and vs. the long-term average of 68%. GD/EX on Sunday was recorded at or above 70% in IA, IN,…
The Buenos Aires Grain Exchange’s soybean crop estimate started the year at a 23-year low of 25 MMTs and has since worked lower. It was the lowest production estimate in the history of the BAGE’s crop estimates that started in 2009. Harvest progress was estimated at 78% complete, and the BAGE has marked over 2…
The 2023/24 crop year will be one of transition from extreme supply tightness to adequate/abundant supplies if Mother Nature cooperates in both hemispheres over the next 12 months. USDA outlooks make sense as only trend yields can be used prior to the growing season, and a recovery in Argentine output is probable following three consecutive…
CBOT market participation, as measured by total market open interest, has been in decline for the 3 major grain markets. Wheat open interest reached a multi-year high and peaked in early 2020; soybean open interest set a record high and topped in late 2020, while the corn market reached a record high in early 2022…
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