January soybean oil edible use rose 5% YOY

USDA reported that in January, 1.15 billion pounds of soybean oil were removed from stocks for use in edible applications. This volume was up 3 percent from December and up 5 percent from January 2020 as demand for soybean oil has proven notably resilient [...]

Soybean prices test new highs before falling

Soybean futures prices rallied last week and tested new highs, with values Thursday reaching $14.43 per bushel. However, prices could not hold and subsequently ended the day below the previous high of $14.36 per bushel on Jan. 14. Soybean harvest delays in South America [...]

Butter stocks surge as milk supply grows

Two major news releases from USDA on Tuesday, Feb.23, prompted a counterintuitive market reaction as prices firmed toward the end of the week. The Cold Storage Report showed AA salted butter stocks at 328 million pounds through January 2021. To put that in perspective, [...]

India 2020/21 sugar production up 23% from last season

Through mid-February, Indian sugar production reached 20.89 MMT, up 23 percent from production of 17.00 MMT a year ago. Among the producer states, production is up strongly in Maharashtra, down marginally in Uttar Pradesh, and up by nearly a third in Karnataka. ISMA currently [...]

February cattle on feed at multiyear high

As of Feb. 1, U.S. cattle on feed totaled just over 12.1 million head, the second highest February total since reporting began in 1996. Inventory was up 1 percent from January and up about 1 percent YOY, slightly above industry expectations. The high number [...]

U.S. 2020 edible oil imports were close to 2019’s record

The U.S. imported around 4.76 MMT of edible oils last year, down just 1% from 2019 imports, which were near 4.83 MMT. USDA expects imports to continue to drift lower this year, with the edible oils complex seeing about a 2 percent decline in [...]

Corn prices soften in search of fresh fundamental drivers

Corn futures ended last week with different tones for old-crop vs. new-crop contracts. Dec-21 contracts were nearly flat, closing up slightly for the week at $4.6000 per bushel. This first look at the upcoming U.S. production season was close to market expectations, but projected [...]

Chocolate producers named as defendants in new child labor case

Chocolate producers named as defendants in new child labor case Seven companies were named as defendants in federal class action lawsuit on behalf of plaintiffs who allege they were forced to work on cocoa farms across West Africa as children. The plaintiffs are eight [...]

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