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 [...]

Crude oil continues to consolidate & move higher

As U.S. supplies of crude oil fell for the third straight week on continued weak imports and near-record export shipments out of the Gulf, crude oil is seeing its highest prices since the March sell-off and its historic price inversion into negative territory. Some 2.2 [...]

Thinking about fall & maple syrup

This week, we move out of the dog days of summer, although cooling trends may be hard to spot in the western half of the country. Let’s just imagine some invigorating chill in the air and maple syrup-scented fall root dishes…cookies would be good, too. [...]

Sugar deliveries for food use down 3 percent YOY

Sugar use was unchanged for 2019/20 and 2020/21 in USDA’s August WASDE. Food use deliveries for 2019/20 are seen at 12.050 million STRV, down about 0.7 percent from 2018/19 deliveries. From October 2019 through June 2020, the first nine months of the market year, [...]

August WASDE: Corn production uncertain following derecho

USDA raised its 2020/21 corn yield estimate to 181.8 bushels per acre (bpa), up 3.3 bpa from July’s forecast, which was already calling for a record high. This new yield forecast boosted new-crop production by 278 million bushels to 15.278 billion bushels, a new [...]

Technicals signal cocoa futures are overbought

Commodity fund traders had accumulated a net short position in July amid poor Q2 grind results and the potential influence of COVID-19. Since bottoming out in early July, specs have covered these new shorts, and the market has recovered along with other soft commodities [...]

Soybean market poised for lower range?

Soybeans, like corn, are developing quickly and are in good shape, leading the market to expect USDA will raise estimated 2020/21 yield in the August WASDE report. In July, USDA put new-crop soybean yield at 49.8 bushels per acre, based on the department’s weather-adjusted [...]

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