US soybean export sales through Feb 23rd totaled 1,794 Mil Bu, an 18 Mil Bu decline from last year, which is due to reduced sales to non-China destinations. Export commitments to China now stand at 1,110 Mil Bu, a 147 Mil Bu (15%) increase over last year, while export commitments to non-Chinese destinations are down…
The core of AgResource’s longer term bearish outlook in the last half of 2023 centers on high and growing odds that US and Northern Hemisphere weather normalizes. Following three years of La Nina, regional drought and excessive heat are unlikely this summer and already there’s little to suggest a shift to lengthy heat and dryness…
On paper, there exists a window for the US to dominate global corn trade into June. Competition from cheap Ukrainian origin corn into neighboring countries will continue thru Europe, but the continuance of the Black Sea export corridor will be determined by Russian President Putin. Ukrainian corn basis has rallied sharply in recent days amid…
Tuesday marked the end of the price discovery period for the 2023 US federal crop insurance program for summer row crops. The average price of December corn and November soybeans during the month of February will be used for farm revenue calculations. Despite the late-month sell-off in new crop CBOT prices, the monthly average prices…
The Argentine soybean crush rate has been below last year throughout the 2021/22 local crop marketing year. Crush rates were at or above average in the early months of the year but have steadily declined all season. Some of this is due to reduced production. Last year’s harvest amounted to 43.9 MMTs which was the…
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