Summary: “Global” wheat production is projected to be the second largest ever and global stocks will be down only slightly from last year’s record highs. However, the crops, total supplies, and ending stocks of the “major exporters” will be down. Most importantly, major exporters stocks/use ratio will be the smallest in over 10 years. Our…
Summary: China’s “spot” soybean crushing margin today was -106 Yuan/MT, down from the previous week’s -70. The “forward” margin was -259 Yuan/MT vs last week’s -132. The forward margin was 144 Yuan below what it was a year ago and is the lowest in 2 years. In its first “official” projections for 2018/19, USDA pegged China’s imports next year at 103 MMT. The projection for 2017/18 was…
Summary: Brazil shipped 2.60 MMT of soybeans last week. That’s up from the previous week’s 2.38 MMT and more than last year. In comparison US exports were 894,000 MT. Brazil’s export “commitments” rose to 44.01 MMT, 4.04 MMT above last year. This is a record for this date. In the May WASDE, USDA pegged exports at…
Summary: Next week ’s export inspections is expected to be 460,000 MT (16.9 Mil Bu). If this is correct, that would be down from the previous week’s 688,000 MT. This week’s ship lineup is 745,000 MMT. That is down 5% from last week which was the largest in 8 weeks. This week’s lineup is more than double last year’s. There were 22 vessels to-be-nominated…
Summary: US ethanol production jumped nearly 2% this past week. Blender use was up 2% and stocks declined 2%. In Washington, there’s debate regarding the bargain that appears to have been stuck that would allow RINs to be earned on ethanol exports in return for issuing a waiver permitting the sale of E15 in the summer…
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