The US cash ethanol market is rising seasonally. May & June Midwest swap values this week are quoted at $1.73-1.75/Gal, vs. lows in late February of $1.47-1.48. Weakness in ethanol prices in Jan-Feb is unremarkable, and the addition of premium between early spring and mid-summer is typical. But ARC’s broad corn thesis continues to center…
New crop corn and soybean prices bottomed in the last half of February as the crop insurance base price discovery period came to an end. Since then, markets have worked higher. November soybeans hold a very slight premium to May, while December corn trades at about a 35-cent premium to May. The table above…
The graphic below displays the correlation between early April winter wheat crop conditions and final yield’s performance against trend. The correlation is loose but with the winter wheat crop as a whole currently rated at 56%, worst-case yield scenarios are likely to be avoided. Concern is growing surrounding the speed at which moisture is loss…
The USDA’s Economic Research Service’s update of February pork exports reflected another month of increased trade. Total exports were 89 Mil Lbs (18%) larger than a year ago. It was the largest February export rate in 4 years and the 2nd largest on record. Exports to Mexico led the increase and were 39.4 Mil Lbs…
The April International Trade report showed that US exporters shipped 193.4 Mil Bu of soybeans in February. This was down just 2% from a year ago, and it was the 4th largest February export rate on record. The export figure was also nearly 8 Mil Bu larger than the monthly inspections figure that was reported…
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