Bottom Line: Last week, Brazil shipped 776,000 MMT of soybeans. That’s down from the previous week but 520,000 MT more than a year ago. Brazil’s export “commitments” are a record 59.5 MMT, up 20% from last year. USDA is projecting annual exports to rise 21%. Export commitments are now almost at the pace that “on…
Bottom Line: After rising 24% the previous week, this week’s ship lineup is down 25%. Keep in mind that last week’s lineup was the highest it’s been since early March. We believe that this is a blip in a trend of rising lineups that began 6 weeks ago. The size of this week’s lineup suggests…
Bottom Line: Since China’s corn auctions began on May 3, a total of 41.7 MMT (1,645 Mil Bu) of corn has been sold. Auction prices are substantially lower than last year. However, the price of corn at Guangzhou (in the feed-deficit southern part of the country) is much higher than the cost of imported…
Bottom Line: USDA projects Russia’s grain exports (wheat, barley and corn) will be a record for the Jul-Jun trade year. However, in order to achieve this projection, exports will have to, on average, beat the maximum that has ever been exported in each month. Unfortunately, while exports in July and August are above last year,…
Bottom Line: The US ethanol market remains strong. No change to the USDA’s forecast is needed in the near term, but there’s talk of plant expansion and ongoing export demand. Certainly, downward revisions are unlikely in the next several months. ++++++++++++++++++++++++++++++++++++++++ US ethanol plants through the week ending August 18th produced 309.3 million gallons of…
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