First positive results from Global Dairy Trade auction in months

The Aug. 17 Fonterra Global Dairy Trade (GDT) auction showed the first gain in overall product prices since April, albeit only a modest 0.3 percent increase. Butter (+4.0 percent) and cheddar cheese (+2.8 percent) saw the strongest gains, with 180 active bidders and 22,543 [...]

Biofuel rumors loom over soybean market

Futures activity Soybean futures posted a strong rebound last week, with Sep-21 futures closing on Friday up by over $0.65, at $13.5925 per bushel. Nov-21 soybeans closed lower (but higher for the week) at $13.2325 per bushel. S&D and fundamental factors 2021/22 export sales [...]

Hurricane Ida may hit Louisiana as early as Sunday

Hurricane Ida has developed off the southwest coast of Jamaica. Early track forecasts have the storm’s eye headed northwest for the central Louisiana coast, making landfall as either a Category 2 or 3 hurricane, some say maybe close to a Category 4, between late [...]

U.S. palm/palm kernel oil use holding onto 2020 boost

U.S. edible oils processors increased consumption of refined palm and palm kernel oils starting in June 2020, around the time that use of soybean oil for biofuels shot up. Between June 2020 and June 2021, processors removed 3.0 billion pounds of refined palm oil [...]

Sugar policy updates: Added raw TRQ, repeat of one-month extension

USDA announced an additional raw tariff-rate quota (TRQ) of 90,100 MT raw value (MTRV) for the current 2020/21 year. The move is not surprising, given recent reported lobbying by raw cane sugar processors and domestic sugar users—although it does come late in the season, [...]

Corn futures dipped 6% last week

Futures activity Along with nearly all other commodity markets, corn futures experienced a sharp sell-off last week as pandemic concerns stoked fear and prompted contract liquidations. Dec-21 futures ended the week down $0.3175 per bushel from last Monday’s settle to close at $5.37 per [...]

Moderate to extreme drought for 44 percent of contiguous U.S.

NOAA reported that 37 percent of the contiguous U.S. was under conditions of severe to extreme drought in July (Palmer Drought Index), about unchanged from the previous month. Some 44 percent of the country falls under moderate to extreme drought conditions. The southwest is [...]

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