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 [...]
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 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. 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 [...]
July was another solid month of milk production across the U.S. even as the herd was knocked back by 3,000 head from June. The July yield was effectively flat at 2,015 lbs of milk per cow, or 65 lbs of milk per cow per [...]
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, [...]
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 [...]
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 [...]
