NY cocoa rebounds off Monday’s new contract low

On Friday, Sep. 26, the most active Dec-22 NY cocoa contract closed below the lower Bollinger Band and prior retracement support below $2,290. The contract traded lower still Monday to a fresh low of $2,243 and tested key psychological support around $2,200 on additional [...]

Corn export sales see slow start to season

U.S. trade partners appear to be holding off buying 2022/23 corn: Sales were a mere 182,339 MT during the week of Sep. 15 (7.2 million bushels), well below average for the week. Outstanding sales to Japan were 854,000 MT as of Sep. 15, compared [...]

Fueled by unsustainable high dairy product prices, herd continues to grow

Monday’s USDA milk production reports for August showed an abundance of milk and dairy cows for the market to absorb. Not only were the previous month’s figures revised higher, but the August total showed continued growth in the herd, with over 11,000 heifers more [...]

Hurricane Ian may be Category-3 when it reaches U.S. Gulf Coast

Hurricane Ian is forecast to be the first named storm to make U.S. landfall this season. Meteorologists believe that Ian could be a Category-3 hurricane by the time it reaches Florida’s Gulf coast. Besides rain and sustained high winds, Ian could bring a storm [...]

Recessionary fears weigh on soybean market

Futures activity Soybean oil prices were hit hard Friday, falling 2.20 to 2.80 cents per pound. Jan-23 futures closed at a two-week low of 62.82 cents per pound. Spot soybean oil (Oct-22) is now around 67 cents per pound. S&D and fundamental factors The [...]

Ethanol production fell to 901,000 bpd last week

Production dipped to its lowest weekly rate since Feb. 26, 2021, when the average was 849,000 barrels per day. It was also the lowest weekly production in September since 2020, when the industry was still trying to pull out of the COVID freefall. Other [...]

Jan-Jun soybean oil use for biofuel up 19% YOY

Biomass-based diesel manufacturers used 4.95 billion pounds of soybean oil during the first six months of 2022, a sizeable increase over H1 2021 and up 34 percent from Jan-Jun 2019, when the industry saw significant expansion in renewable diesel production. Production of renewable diesel [...]

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