CBT soybeans peaked in June as Chinese demand for US soybeans was fulfilled by Brazil. However, the market has begun a seasonal recovery in recent weeks on short covering and limited US farmer selling. Cumulative soybean exports to date total 303 million bushels, down 213 Mil (41%) from last year. Current exports combined with outstanding…
Following 3 years of disappointing crush rates in Argentina, soy processing rates have recovered. Since the start of Argentina’s local soybean marketing year in April, soybean crush rates have averaged 377,000 MTs per month or 11% more than a year ago. The April-September crush rate has totaled 8.5 MMTs, up 796,000 MTs vs. last year,…
The US corn market is beginning to realize the actual impact of incredibly profitable end user margins, rising Chinese prices and forthcoming changes to US and global supply and demand. Following another week of near-record ethanol production – and no build in US ethanol stocks – ARC has raised ethanol’s 21/22 corn demand draw to…
US ethanol production – and blending – margins are incredibly profitable. The ethanol industry has responded quickly by boosting weekly grind to a near-record 322 million gallons/week. Yet, AgResource’s work suggests the market is still underestimating the potential for industrial corn use in 21/22 – perhaps by upward of 200-250 million bushels. The attached graphic…
The US winter wheat crop on Sunday was rated as 46% GD/EX, a figure lower than expected and up just 5 points from last year. GD/EX in KS currently sits at a healthy 63%, vs. 29% a year ago. But GD/EX in SD is a meager 31%, with TX at 27%, WA at 31%, and…
