Corn eases on harvest pressure, COVID-19 concerns

The corn rally may have peaked on Sep. 18 after going six consecutive weeks of higher week-over-week closes. Fears over coronavirus resurgence in Europe, surpassing 200,000 deaths here in the U.S., and increased cases in the Midwest caused a sharp drop in the equities [...]

WASDE: Lower yields to reduce corn, soybean stocks

Today’s reported yield reductions were in line with what the market anticipated. However, USDA’s 2020/21 corn ending stocks forecast was about 40 million bushels above industry expectations ahead of WASDE, while its 2020/21 soybean ending stocks forecast was around 9 million bushels below expectations. [...]

One week after WASDE, a few notes on corn

Some bullish notes for corn include USDA estimating 2020/21 prevented planting at just under 5.4 million acres, which may mean lower harvested acreage in the September WASDE. The recent derecho storm is another bullish factor that may also pressure harvested acreage and yields in [...]

Brazil center-south sugar output up, ethanol output down year to date

From April through mid-July, Brazil’s center-south cane crush reached 276.0 MMT, up 6.5 percent YOY. Cumulative center-south sugar production is up 50 percent YOY at 16.32 MMT. Center-south ethanol production is down 5.9 percent YOY at 12.13 billion liters. From October through mid-July, center-south [...]

Record soybean oil use for biodiesel in May

The biodiesel industry produced 147 million gallons in May, up 2 percent from April but down 5 percent from May 2019. However, soybean oil utilization jumped to 778 million pounds, up 16 percent from April and beating the previous monthly volume of 768 million [...]

Corn supported by Chinese purchasing & high temperatures

China has been active in purchasing corn from the U.S. On Friday, July 10, purchases were 1.3665 million metric tons (MMT), the second highest on record. Then last Tuesday, purchases of 1.762 MMT set a new record, eclipsing the previous record of 1.45 MMT back [...]

Brazilian center-south sugar production up 49% YOY

Brazil’s center-south crush from April through June reached 229 MMT of cane, up about 5 percent YOY and up about 9 percent from the five-year average. For the season to date, the sugar share of cane use is 46.4 percent, up almost 12 points [...]

Lower corn feed demand revealed in July WASDE

In the July WASDE, U.S. corn feed demand and ethanol demand in 2019/20 were lowered by 100 million bushels and 50 million bushels, respectively. Lower demand in 2019/20 lifted ending stocks to nearly 2.25 billion bushels, up 145 million bushels from the June estimate. [...]

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