Bottom Line: Egypt’s GASC bought 175,000 MT today. Somewhat surprisingly, no Russian wheat offers were accepted. On a FOB basis, the average price paid was $193.11/MT, down slightly from the previous tender. Several weeks ago, an Egyptian court ruling raised that possibility that the controversial “zero tolerance” policy on ergot fungus in wheat imports would be…
Bottom Line: Although the USDA’s Ag Attache’ lowered their estimate of Mexico’s old crop corn imports, the strong pace of US corn export commitments to Mexico supports our old-crop export projection of 530 Mil Bu. However, a larger-than-expected late-season corn crop in Mexico is expected to reduce Mexican imports next year. In addition, simmering trade…
US ethanol production through the week ending June 16th totaled 291.1 million gallons, vs. 294.6 million the previous week. Notice in the graphic above that ethanol production since early June has been more in line with the pace of recent years, while inventories remain elevated. Year-to-date weekly production now rests at 12.6 billion gallons, up…
Bottom Line: Crushing margins have improved quite a bit from the 3-year low set three weeks ago. For the month of June, vessel lineup data indicates that shipments from the major exporters to China were 8.01 MMT. That is less than China’s “preliminary” estimate for May imports which was 9.59 MMT. For July imports,…
Bottom Line: Based on the lineup of vessels, Brazil’s June corn shipments are projected to be 1.29 MMT. That is well above last year’s shipments of 63,000 MT. Last year’s SECEX June exports were 20,000 MT. Several leading Brazilian ag consultancies have corn crop estimates that are 3-9 MMT above USDA’s estimates. If the corn…
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