Summary: Next Tuesday (Feb 11), the USDA will release its February WASDE. On average, analysts expect corn ending stocks to be lowered about 36 Mil Bu (2%). Since the early 2000’s, the major news services have polled analysts regarding their expectations for US ending stocks. Our history of trade expectations indicates that ananlysts have a tendency…
Summary: US ethanol production jumped nearly 5% and surprised many analysts. Despite the increase ethanol production ethanol stocks shrank 3.2%. Blender demand was estimated to have risen by 1.6%. Also, weekly residual use surged to 89 Mil Gal, 241% of the previous week. Ethanol producer margins on Feb 05 jumped to 12.37 cents/gln, up from…
Summary: Last week Brazil exported 168,000 MT of corn. Ukraine’s exports were 931,000 MT. The US exported 562,380 MT. Argentina exported 429,000 MT. As of Jan 31, Brazil’s total corn export “commitments” for the 2019/20 marketing year were 38.49 MMT vs 24.53 MMT last year. Commitments have accounted for 91.6% of projected total annual exports. Ship…
Summary: China’s “spot” soybean crushing margin today was 115 Yuan/MT, up 21 Yuan from prior to the National Holiday. The “forward” margin was 115 Yuan/MT, up 43 Yuan. The forward margin was 118 Yuan above what it was a year ago. Domestic soyoil’s price was down 5.0% from two weeks ago. Soymeal’s price was up…
Summary: Brazil shipped 845,000 MT of soybeans for the last week of the old-crop marketing year (Feb-Jan). That’s up from the previous week’s 204,000 MT but it is 36,000 MT less than a year ago. There were no exports from Argentina last week but US exports were 1,365,627 MT. According to global trade service data,…
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