The NOPA crush report showed a September crush rate of 158 Mil Bu, a 7.4 Mil Bu decline from August, but still 4.3 Mil Bu more than a year ago. The figure was just below the average trade estimate but was the third-largest September crush rate on record. September 2020 and 2018 are the…
AgResource forecasts a fairly sizable expansion in US winter wheat acreage this fall. Surveys conducted thus far by a host of private firms unanimously feature enlarged plantings, and the cash market’s rally to $9.00+ this summer no doubt accomplished the chore of shifting acreage across the Plains and fringe areas of the Delta/Midwest from row…
The October WASDE report showed a recovery in the global soybean and soybean meal stocks-to-use ratio, with a hike in Brazilian and total South American soybean production. On a global basis, adjusted to the October-September international crop marketing year, the world soybean/meal stocks to use ratio is set to recover. After falling to a 7-year…
South American balance sheets were again left untouched. Global corn trade in 22/23 was raised a modest 100,000 MMTs. The US’s share of global trade was lowered from 32.2% to 30.8% amid larger projected Ukrainian exports – which follows the recent success of the Black Sea export corridor. The future of the corridor remains uncertain,…
CBOT market participation, as measured by total market open interest, has been sharply mixed in recent months. Open interest in all three major CBOT grain markets was down sharply from the previous year all year long. This has been the result of historically high prices, along with the uncertainty surrounding US/world economics and geopolitical tensions…
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