CBOT soybean oil futures peaked at the start of the year and then collapsed throughout the 1st quarter. While several fundamental factors have been in play, the largest driver over the last six months has been palm oil production and Malaysian palm oil prices. The chart shows that the soybean oil rally in the last…
AgResource has raised ethanol’s old crop corn demand draw from 4.5 Bil Bu to 4.6 Bil. This follows a steady rise in the weekly grind during May, which in turn has followed a boost in weekly gasoline consumption from mid-April to mid-May. However, the USDA’s corn ethanol grind is overstated by 350 Mil Bu. USDA…
The preceding table shows projected pollination dates by state. AgResource’s work suggests the whole of the US corn growing season will be pulled forward 8-15 days relative to 2019. This is not new information given the timeliness of seeding this spring. But it is important to highlight exactly when and where crops will be pollinating…
With the summer row crop planting season winding down, and the USDA’s June acreage survey to get underway next week, the market focus will increasingly turn to expectations for the June Acreage report. The attached chart plots the historical changes in the acreage estimates between the March Prospective Plantings report and the June Acreage report…
The world corn balance sheet in 2020 loosens considerably with normal Northern Hemisphere weather. ARC has detailed that much of the boost in stocks will be a function of the US balance sheet. Yet, enlarged production and stocks-building is also probable in the Black Sea region. Harvested corn area in Ukraine and Russia combined is…
