Summary: Six weeks into the international marketing year (Oct-Sep), EU corn imports are exceeding the pace needed to meet the USDA’s projection. As of Nov 15, cumulative EU corn imports are estimated to be 3.06 MMT. That is 14.6% of the USDA’s projection. In the Nov WASDE, the USDA raised its projection for EU corn imports…
Summary: Brazil shipped 1.28 MMT of soybeans last week. That’s down from the previous week’s 1.30 MMT but it is well above a year ago. Brazil’s export “commitments” rose to 81.76 MMT. This is a record for this date. In the Nov WASDE, the USDA raised their projection for Brazil’s exports by 3.075 MMT to at 77.85 MMT (on a…
Summary: Next week ’s soybean export inspections are expected to be 1,055,000 MT (38.8 Mil Bu). If this is correct, that would be down 19% from the previous week’s. This week’s ship lineup is 0.921 MMT. That is down 37% from last week. Also this week’s lineup is 70% smaller than a year ago. There were 19 vessels to-be-nominated (TBN). That is more than a week ago and more…
Summary: US ethanol production dropped slightly this past week. It is estimated that blender demand rose about 1%. Ethanol stocks last week rose about 1.6%, more than what some analysts had expected. Ethanol producer margins have fallen more deeply into the red. Blender margins are declining too but are still profitable. There were reports that several…
Summary: China’s “spot” soybean crushing margin yesterday was 129 Yuan/MT, down from the 4-year high of 436 set a month ago. The “forward” margin was -7 Yuan/MT vs last week’s -36 Yuan/MT. The forward margin was 132 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 November WASDE, the projection for 2018/19 was lowered…
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