Bottom Line: Relative to past reports, the range in trade expectations for the Dec WASDE Report’s corn ending stocks estimate is well below average. A narrow range in estimates increases the odds that the market might be “surprised” if the ending stocks projection is outside the range of trade expectations. However, only once in the…
Bottom Line: Our point estimate for next week’s export inspections is 1.50 MMT (55 Mil Bu). If this is correct, that would be down 301,000 MT (17%) from last week. However, this week’s ship lineup is 1.693 MMT. That’s down 13% from last week and well below last year’s 2.613 MMT. There were 21 vessels to-be-nominated (TBN). That…
Bottom Line: At this time, the pace of US corn export sales supports the USDA’s export projection of 1,925 Mil Bu. However, should the S. American crop achieve the production levels that are projected, US exports will be strongly challenged in the last quarter of the marketing year. In addition, if Mexico “front-loaded” their corn purchases,…
Bottom Line: A simple “pace analysis” model suggests that US soybean exports may be several hundred million bushels lower than what USDA projects. Similarly, soymeal imports could be 5% smaller than USDA’s projection. Ultimately, the final size of US exports will mostly be determined by the size of the S. American crops. That won’t be known…
Bottom Line: Ethanol production jumped 4% WoW and set a new high. As a consequence, ethanol stocks built 2.3% and ethanol producer margins eroded further. AgResource expects the pace of US ethanol production to stay record large into 2018 and corn grind could be 25-50 Mil Bu larger than USDA’s projection of 5,475 Mil Bu.…
Contact
submission
You have successfully added an item to your cart! You may view the contents of your cart and proceed with checkout, or continue shopping.
Multiuser
subscription
How many users would you like to add?
