The world’s vegetable oil balance sheet looks to tighten in the coming year. Production will still exceed production, but the difference looks to fall by 23%, with production exceeding consumption by just 4.5 MMTs. This will be the smallest difference in 3 years and the 2nd smallest since 2015/16 when consumption exceeded the production rate.…
Despite cheaper feed prices in the last year, hog feeding margins have been in the red for all of 2023 year. The latest estimates for hog feeding margins from IA State University showed an estimated loss for September of $21/head. This marked the 13th consecutive month of negative wean-to-finish margins, with an average loss in…
The EIA’s October biofuels release leans bullish of soybean oil in the long run. Total August US biofuel production was a record large 411 Mil gal, due solely to additional renewable diesel output expansion. Conventional biodiesel production in August was 145 Mil gal, down 6.5 Mil gal from July, and notice that conventional biodiesel’s share…
El Nino is finally beginning to impact atmospheric patterns worldwide, which bodes favorably for Argentine rainfall during the 23/24 growing season. New crop yield risks are easing, but it’s the timing of planting and harvesting that prevents global corn and soy product supply growth until summer 2024. Argentine corn seeding last week reached 20% complete,…
The EIA’s Monthly Energy review that was released on Thursday showed that US biodiesel production in July was down 1% from June but 3% larger than a year ago at 151.7 Mil Gal. It was the largest July production rate since 2020. Renewable diesel production in July ticked lower for the first time since February.…
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