June sees trio of bearish results for dairy complex

The inevitable flood of milk resulting from both a larger herd and peak milk production of spring flush finally appears to be weighing on the minds of dairy producers. The latest Global Dairy Trade auction results fell for the fifth-straight time, making the largest move [...]

Storms bring relief to the corn crop/market

Corn futures continue to fluctuate, with the July contract closing at $6.5925 per bushel last Monday, $6.6425 by Wednesday, and $6.3650 by Friday. Much-needed rain swept across the Corn Belt last week: Nearly every region received at least some precipitation. Moisture will be needed [...]

South American harvest in full swing

As of Jun. 24, Argentina’s 2020/21 soybean crop was all but finished at 99 percent complete, which should allow higher export shipments in July. For corn, Argentina growers are through harvesting about 48 percent of the crop, including 73 percent of early corn and [...]

Brazil sugar output up slightly in late May, but sugar share slips further

In the second half of May, Brazilian center-south production was up under 3 percent YOY at 2.62 MMT. The sugar share of cane use was down nearly a point, cane crush was up almost 2 percent, and cane quality and sugar recovery were slightly [...]

Apple juice supply reflects sluggish imports

Through April, the U.S. had imported 239 million single-strength-equivalent gallons of apple juice, down 28 percent from 2019/20 to date and the lowest volume for Q1-Q3 in many years. Imports have been trending lower since 2018, under pressure from the trade dispute with China [...]

Cocoa sees technical support at uptrend

Inflation-related volatility continues to impact commodity pricing, and cocoa is seeing recent price weakness on fund liquidation. Since their mid-May highs, cocoa futures have fallen nearly $200 per MT or nearly a tenth on position liquidation ahead of the July contract expiration. With futures [...]

Soybeans crash to five-month low

Soybean futures prices fell all last week, plummeting to a five-month low on Thursday’s sell-down to $13.29 per bushel. Continued rumors of EPA changes to biofuel mandates, a more favorable weather outlook for the Grain Belt, and a May crush report below expectations all [...]

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