Cocoa spec position reaches six-month high

Mounting tension ahead of next month’s presidential election in Ivory Coast, coupled with a drier-than-normal little dry season—not to mention a significant weakening of the dollar—have combined to support continued fund buying of cocoa. In its most recent report, the Commodity Futures Trading Commission [...]

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 [...]

Hog population stable YOY heading into fall

USDA’s quarterly Hogs & Pigs report put the Sep. 1 population at 79.1 million head, up less than 1 percent from Sep. 1, 2019 and down almost 1 percent from the Jun. 1, 2020 number. Usually, we see a modest increase in the hog [...]

Mexico domestic sugar reference pricing continues to strengthen

For the week ending Sep. 18, the average reference price for Mexico estandar sugar rose 1.4 percent from a month prior and averaged up 28 percent YOY. Refined price was up almost 1 percent for the week and up 25 percent YOY. For Sep. [...]

Expanding acreage in Brazil to boost 2020/21 production

USDA forecasts planted corn acreage in Brazil at nearly 48.19 million acres in 2020/21, up 0.8 percent year on year. A private forecast from Safras & Mercado pegs planted area at 48.56 million acres (19.66 million hectares) in 2020/21, which is 370,000 acres (149,734 [...]

Global dairy markets exhibit signs of life as New Zealand enters flush

After spending the last two months in negative territory, global dairy prices surged forward in the latest Fonterra Global Dairy Trade auction on Sep. 15. On decent volume of 33,791 MT of products offered, prices across the complex moved up 3.6 percent, the best [...]

China’s buying spree pushes soy complex to new heights

The soy complex extended its momentous run last week, hitting contract highs for futures connected to the 2020/21 marketing year. A combination of bullish factors supported the move: a tightening balance sheet, a surge in Chinese buying, and ongoing reports of troublesome weather in [...]

August soybean crush below expectations

NOPA members reported crushing 165.1 million bushels of soybeans last month, down from 172.8 million in July and 168.1 million in August 2019. Despite the drop YOY, August’s crush was still the second largest on record for the month. The industry had expected crush [...]

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