World Food Price Index up 1.2% in November, up 25% year on year

FAO reported November’s world Food Price Index (FPI) up 1.2 percent from October’s FPI. Year to date, the 2021 FPI is up about 25 percent from 2020 and up 27 percent from the five-year average (adjusted for inflation). Year to date, the subindexes showing [...]

November soybean oil production set record for month

NOPA members reported crushing 179.5 million bushels of soybeans last month, down 2.5 percent from October and down 1 percent year over year. This season’s strong oil yield, however, allowed soybean oil production to top 2.11 billion pounds, up 5 million pounds from November [...]

Pacific La Niña conditions bring atypical weather to Americas

Intensified upwelling in the equatorial Pacific is bringing unusually cold sea surface temperatures, part of the cold event known as La Niña. Although the exact atmospheric mechanics are not fully understood, these colder surface temperatures are generally associated with drier growing conditions across South [...]

WASDE, EPA biofuel news drive soybean market

Futures activity Last week’s trading activity was a mixed bag for the soy complex. Jan-22 soybean futures ended the week at $12.6775 per bushel, nearly identical with the week ending Dec. 3. Soybean meal closed at $366.80 per short ton, up $14.20 per ST [...]

October-November India sugar production up nearly 10% YOY

As of the end of November, ISMA estimated India’s 2021/22 sugar production near 4.72 MMT, up about 9.7 percent from cumulative production a year ago of 4.30 MMT. We currently forecast all 2021/22 output near 33.4 MMT, up about 1 percent YOY. As a [...]

WASDE: Modest changes to world grain production

In the December WASDE, USDA made no changes to either the U.S. corn or soybean balance sheets. U.S. wheat 2021/22 ending stocks saw a slight increase as exports were cut 20 million bushels to 840 million bushels, and imports were lowered from 115 to [...]

Soybean export pace stayed strong throughout November

Soybean exports topped 388 million bushels in November, up slightly from the volume shipped in November 2020, although this season’s slow start to trade has left cumulative exports 22 percent behind 2020/21’s pace to date. Over 250 million bushels of soybeans were destined for [...]

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