With tight U.S. soybean market, eyes turn to South America

The soy complex saw values rally to new highs last week, bolstered by positive news regarding a plausible COVID-19 vaccine and soybean/soybean meal supply reductions for 2020/21. A downward technical correction lasted for a couple days after WASDE, but Jan-21 soybean futures closed the [...]

Natural gas rig counts stabilizing

October’s early start to winter saw subfreezing temperatures and snow across the upper Midwest. Prices for natural gas have been trading sideways in the $3.00 to $3.30 range despite all lingering uncertainty due to COVID-19 recovery. EIA’s natural gas stocks report saw its first [...]

Mexican refined sugar pricing pushes higher still

With refined sugar remaining tight in Mexico, the price divergence trend continues. Estandar pricing was down almost half a percent last week and down slightly more from the four-week average. Refined, meanwhile, was flat week on week and up 0.6 percent from its four-week [...]

WASDE: U.S. corn ending stocks plummet

USDA lowered 2020/21 U.S. corn ending stocks by 465 million bushels in the November WASDE on lower new-crop production and higher exports. Corn yield was lowered to 175.8 bushels per acre (bpa), down 2.6 bpa from the October estimate and notably below the average [...]

Corn market awaits WASDE

Some fundamental information came out last week to drive corn futures prices, but the dominant market factor was the risk-off/risk-on trades of the speculative community. This allowed corn to drop to short-term support around $4 for the Mar-21 contract before retracing to near $4.20 [...]

Global dairy prices sink as second COVID-19 hits Europe & U.S.

Nervous traders backed away from dairy markets this past week as concerns grew about faltering demand and renewed shutdowns across Europe. As cases rapidly rose, sometimes to highs for the year, France and UK announced closures and shutdowns to gain some control over the [...]

Benchmark world sugar tests 20-day moving average in second down day

Mar-21 #11 world raw sugar closed lower for a second session on Wednesday, Nov. 4. The contract tested the 20-day moving average around 14.50 but closed above that level. The two-session slide gave back about half the gains of Monday’s session, which saw the [...]

EU-27 corn production estimate revised lower

As of late October, the European Commission’s 2020/21 EU-27 corn production estimate was 60.2 MMT, down 10.0 MMT from its August estimate, per Reuters. The EU has sourced most of its corn imports from Ukraine in recent years, but with both the EU and [...]

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