Summary: US ethanol production was unchanged this past week. However, ethanol stocks jumped 4.3%. Some analysts attribute the larger-than-expected stocks to end-of-year adjustments by firms reporting to EIA. It is estimated that blender demand was up about 1.5%. The futures-based producer margin dropped to new lows and blender margins slipped lower but are still profitable. The…
Summary: China’s “spot” soybean crushing margin today was 87 Yuan/MT, up from last week’s 82. The “forward” margin was 59 Yuan/MT vs last week’s 6 Yuan/MT. In addition, the forward margin was 72 Yuan above what it was a year ago. Three months ago, the forward margin fell to its lowest level in 4 years. In the USDA’s December WASDE, China’s import projection was left unchanged at 90 MMT. However,…
Summary: For the period Dec 08-Dec 14, the ship lineup shows that Brazil exported 1,068,000 MT corn. That is up 182,000 MT from the previous week and 332,000 MT more than what was shipped a year ago. For comparison, US export inspections were 885,000 MT. Argentina’s corn exports last week are estimated to have been 380,000…
Summary: Brazil shipped 854,000 MT of soybeans last week. That’s down from the previous week’s 1.15 MMT but it is well above a year ago. Brazil’s export “commitments” rose to 83.2 MMT. This is a record for this date. In the Dec WASDE, the USDA raised their projection for Brazil’s exports by 3.0 MMT to 80.85 MMT (on a Feb-Jan…
Summary: Next week ’s soybean export inspections are expected to be 875,000 MT (32.1 Mil Bu). If this is correct, that would be down 5% from the previous week’s. This week’s ship lineup is 544,000 MT. That is down 27% from last week and a season low. Also, this week’s lineup is 80% smaller than a year ago. There were 20 vessels to-be-nominated (TBN). That is up from last week…
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