WASDE confirms lower domestic soybean stocks

Last week’s WASDE report confirmed the trade’s expectation of declining domestic soybean stocks. Now pegged at 120 million bushels, U.S. soybean stocks are poised to touch their lowest level since 2013/14. After an initial bullish market reaction, futures traded lower on Wednesday before climbing [...]

Midcrop discount undercuts LID premium across Ivory Coast

Regulators in Ivory Coast finally acted in response to lax sales of midcrop beans and building inventories in country. Midcrop beans tend to be smaller in size, have a higher shell-to-nib ratio, and are lower yielding. Given the decline in combined ratio and narrowing [...]

Groundhog Day signals first blast of arctic air & spike in natural gas prices

The famous prediction this past week called for six more weeks of winter as the most significant snowstorm in nearly five years made its way across the country, dumping several feet of snow in some regions. Multiple fast-moving systems making their way across the [...]

WASDE: Industry hits on soybean stocks, misses on corn

In the February WASDE, USDA raised its 2020/21 corn exports forecast by 50 million bushels to 2.600 billion bushels. This dropped USDA’s 2020/21 U.S. corn ending stock forecast by 50 million bushels to 1.502 billion bushels, notably above the average industry estimates of 1.384 [...]

Corn futures consolidate ahead of USDA report

Corn prices traded in a relatively narrow range of about $0.10 per bushel last week. Traders were also positioning ahead of what is expected to be a fairly bullish WASDE report tomorrow as the market foresees the potential for additional declines to ending stocks [...]

Sugar futures remain range-bound near recent highs

Mar-21 #5 world white sugar has kept to a three-week range after rallying from late December through mid-January. The contract tested its Jan. 18 contract high on Tuesday but instead dipped slightly lower Tuesday and Wednesday. Support may be above $459, $454, and $450, [...]

FAO: World food prices up nearly 8.8% YOY in January

FAO reported its January food price index up 2.7 percent from December and up 8.8 percent YOY (adjusted for inflation). Month on month, its component subindexes were either up (cereals, oils, sugar) or nearly flat (meat, dairy). Year on year, nearly all subindexes made [...]

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