Summary: Next week ’s soybean export inspections are expected to be 1.045 MMT (38.4 Mil Bu). If this is correct, that would be down from the previous week. This week’s ship lineup is 1.092 MMT. That is down 20% from last week. There were 40 vessels to-be-nominated (TBN). That is a record for this season. This past week there were…
Summary: US ethanol production jumped 3.2% and set a new high for the season and close to the all-time high. Ethanol stocks rose 2.3%. Blender demand was estimated to have jumped 6%. However, cumulative residual use (a proxy for exports) was 65 Mil Gal, down 36% from last year. Ethanol producer margins on Jan 15 collapsed…
Summary: Today, Egypt’s GASC purchased 240,000 MT of wheat from Russia and Romania (for shipment in Mar 1-10). On a FOB basis, the average price paid was $233.27/MT. That is up $4/MT from the price paid at the last week’s tender. The lowest FOB price was Russian wheat at $235.30/MT. The average accepted CIF price…
Summary: China’s “spot” soybean crushing margin today was 35 Yuan/MT, down 38 Yuan from a week ago. The “forward” margin was 72 Yuan/MT, down 32 Yuan from the prior week. However, the forward margin was 51 Yuan above what it was a year ago. Domestic soyoil prices was down 0.7% from last week’s 35-month high. Soymeal’s…
Summary: In the Jan WASDE, USDA raised their projection of Brazil’s old-crop corn exports by 1 MMT to 42 MMT vs last year’s 24.15 MMT (in the local marketing year – Mar-Feb). In addition, USDA raised their projection for new-crop exports (Mar’20-Feb-‘21) by 1 MMT to 39.5 MMT. Last week Brazil exported 498,000 MT of…
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