Summary: US ethanol production surged 3.5% this past week after increasing 1.3% the previous week. It is estimated that blender demand actually slipped by about half-a-percent. Although production was up and blender use was stagnant, ethanol stocks last week dropped nearly 5%. Ethanol producer margins remain deeply in the red. Losses two week s ago were…
Summary: China’s “spot” soybean crushing margin on Monday was 310 Yuan/MT, up slightly from a week ago but down from the 4-year high of 436 set 3 weeks ago. The “forward” margin was 25 Yuan/MT vs last week’s -5 Yuan/MT. The forward margin was 112 Yuan above what it was a year ago. Three months ago, the forward margin fell to its lowest level in 4 years. In the…
Summary: For the period Oct 20-Oct 26, the ship lineup shows that Brazil exported 522,000 MT corn. That is 382,000 MT less than the previous week and 348,000 MT LESS than what was shipped a year ago. For comparison, US export inspections were 653,000 MT. Argentina exported 172,000 MT of corn over the last 2 weeks. Brazil’s ship…
Summary: Brazil shipped 596,000 MT of soybeans last week. That’s down from the previous week’s 1,106,000 MT and it is well below a year ago. Brazil’s export “commitments” rose to 79.2 MMT. This is a record for this date. In the Oct WASDE, the USDA left their projection for Brazil’s exports unchanged at 74.775 MMT (on a Feb-Jan marketing year). CONAB,…
Summary: Today, Egypt’s GASC purchased 470,000 MT of wheat from Russia, Ukraine, and the US. Three weeks ago they purchased 180,000 MT (from Russia). The average CIF price that Egypt paid for the wheat was $253.65/MT. That is $0.41/MT above the price paid the three weeks ago and “nearly” the highest price paid since January 2015. A month-and-a half…
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