The global rapeseed/canola market, not US soy, has been the bullish leader of the oilseed space in recent weeks despite the US soy market being forced to add premium and find some 3-5 Mil additional planted acres in spring 2024. The loss of global rapeseed/canola production is viewed as a big deal given ongoing expansion…
The July NOPA crush report showed a slower-than-expected June soybean crush rate of 165 Mil Bu. This was 346,000 Bu more than a year ago but was 5.5 Mil Bu less than the average trade estimate. Nevertheless, it was the largest June crush rate in 4 years and the 2nd largest on record. Compared to…
Canadian crops are in trouble if widespread soaking rainfall fails to materialize in the next 2-3 weeks. Subsoil moisture across large swaths of Alberta and Manitoba, as well as nearly the entirety of Saskatchewan is absent. Crop-saving moisture must come from the sky, but the two-week forecast is arid/warm as the Northern American upper air…
Chinese trade data released on Thursday showed China’s all-origin imports in June totaled 10.27 MMTs, up 2 MMTs (24%) from last year. The figure again fell well short of expectations based on major exporters’ shipments in the 30-45 days prior. Cumulative exports through June amount to 74.6 MMTs, or 108% of last year. Despite slower-than-expected…
Argentine corn production was trimmed 1 MMTs. Combined production in Brazil and Ukraine was raised 1.5 MMTs. Exporter stocks/use in the July WASDE is estimated at 11.4%, vs. 11.2% in June – again, no major change. Yet, amid higher US plantings and recent heavy rainfall across the E Plains and Midwest, a 500-600 Mil Bu…
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