Summary: As of Mar 14, China’s “spot” soybean crushing margin is 209 Yuan/MT, down 80 Yuan from a week ago. The “forward” margin is 619 yuan/MT, down 90 Yuan from a week ago which set an all-time high. The forward margin is 545 Yuan above what it was a year ago. Domestic soyoil’s price fell 4.2%. Domestic…
Summary: The lineup of ships waiting or scheduled to load US corn is 639,000 MT (25 MBU). That is up 14% from the previous week. This week’s corn export inspections could be 1.575 MMT (50 MBU). That would be down 1% from the previous week. There were 24 vessels to-be-nominated (TBN). The more vessels that are TBN the…
Summary: The lineup of ships waiting or scheduled to load US soybeans is 0.85 MMT (31.3 MBU). That is down 20% from the previous week. However, the lineup could be larger because there were 26 vessels to-be-nominated (TBN). Next week’s soybean export inspections could be 1.585 MMT (58.2 MBU). That would be up 107% from the previous…
Soybean weekly exports were down 51,000 MT from the previous week. But cumulative soybean exports are up 7.6% from a year ago. USDA projects total global soybean exports to be down 3.6% from a year ago. USDA’s Mar projection was lowered 3.9% from the previous month. Corn weekly exports were down 810,000 MT from the previous…
Summary: US ethanol production was up 2.7%, about as expected. Ethanol stocks rose 1.4%, the opposite of what was expected. Gasoline consumption rose 2.5%. Ethanol producer cash-based margins remain below breakeven (relative to variable and all costs). In the short run, the spike in gasoline prices may prompt an “inventory build” in vehicle tanks as owners hedge…
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