NOPA reported that its membership crushed 154 Mil Bu of soybeans in September. The figure was 1 Mil Bu below expectations and 7.7 Mil bushels less than last year. Most of the declines occurred in two of the NOPA reporting regions. The Southwest crush was 4 Mil Bu less than last year, and the Iowa…
Supply and demand of all classes of US wheat will remain tight in 22/23, but assuming modest acreage expansion and normal weather SRW and HRW balance sheets will loosen. It’s HRW that faces additional stocks contraction barring record yield amid the ongoing collapse in carryover supplies. ARC projects US HRW seedings this autumn at 23.8…
The Malaysian Palm Oil Board released their monthly palm oil report on Tuesday, which was overshadowed by the USDA report. Palm oil futures corrected from record highs following the report release, but the rally resumed on Wednesday. Palm oil futures closed up 3% to mark new record highs. In September, Malaysian palm oil production totaled…
Notice that new crop stocks erode further if acreage expansion is discourage by soaring input costs or regional shortages of fertilizer next spring/summer. The risk of extreme balance sheet tightness is intact. Record global demand is also a near certainty amid elevated energy prices and per-capita global income. As a reminder, old crop corn exporter…
Spot CBT oats on Monday rallied $.20 per bushel to score yet another all-time high at $6.73. This is an incredible flat price, as well as a new high in oats premium to corn, which on a metric ton basis now rests at $253 – the price of oats is more than double the price…
