AgResource estimates March 1st soybean stocks at 1,495 Mil Bu, 760 Mil Bu less than a year ago and a record large year-over-year decline. US soybean stocks at mid-year will be the tightest since 2014/15, when the world soybean market was still in the process of replenishing stocks that were depleted following the 2012 North…
ARC remains optimistic with respect to future gasoline & ethanol consumption. The rollout of the Covid-19 vaccine has gone better than expected, with most adults able to be inoculated by the end of May. The vaccines’ seeming impact on transmission is especially favorable as consumer confidence returns and lifestyles normalize. Already the pace of corn…
The soybean crush spread marked a non-typical rally through harvest as soybean meal prices in the cash and futures markets soared. The nearby spread marked a November high near $1.50/Bu and was back within the 5-year range by early January. The spread this week is right at the 5-year average for early March, while forward…
CONAB followed the USDA and raised its estimate for Brazilian soy production in its March report. The yield estimate was fractionally higher, and the most significant change came from an increase in area. CONAB raised its soybean harvested area by 195,200 hectares (482,348 acres). But the combination of more and a slightly better yield resulted…
The USDA in its March WASDE raised South American soybean production a net 500,000 MTs, but otherwise opted to delay passing judgment on crops until harvest is near completion with actual yield data in hand. This makes sense given soy harvest in both Argentina and Brazil will reach 50% complete some 3-4 weeks later than…
