The estimated crush margin for imported beans “spot” delivery in China was -169 Yuan/MT today (see red line in chart below). This is down 83 Yuan/MT from a week ago. A month ago, spot crush margins fell to a 21-month low. Four months ago, the spot crush margin set a 2-year high. The crush margin for…
The Commitment of Traders report showed that managed money funds are holding a record short position in Chicago wheat, corn and soybeans worth 407,000 contracts – a new record. Managed funds’ short position in all markets this week is higher than expected. Managed funds as of last Friday held a combined short position in corn, wheat, soybeans and soy oil…
On Apr 11, USDA pegged Brazil’s soybean crop at a record 111 MMT, up 3 MMT from their previous projection. In addition, USDA projected local marketing year (Feb-Jan) soybean exports at a record 63.6 MMT, up 1.4 MMT from their previous projection. For the week Apr 22-28, Brazil exported 2.30 MMT of soybeans. That’s up…
US corn export commitments are 1,982 Mil bu, up 509 Mil Bu (about 35%) from a year ago (see blue columns in chart below). On average, commitments as of late April account for 84% of US annual corn exports (see red squares in chart below). However, the 5-year average is 91%. Commitments today have accounted…
In recent years, the EU (as a region) has been the world’s second largest net wheat exporter. The chart below shows weekly cumulative shipments of EU wheat, wheat flour, durum, and durum “meal”. As of April 27, cumulative EU wheat exports were 20.3 MMT (see red squares). That’s up 356,000 MT from last week but down…
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