Florida orange production just 15.85 million boxes

In the last report for 2022/23, USDA added 100,000 boxes to Florida’s Valencia orange production, raising the count to 9.7 million 90-pound boxes. Total Florida orange production for 2022/23 was down 62 percent from 2021/22. California’s Valencia crop did not in the end recover [...]

NOPA shows tighter soybean oil stocks

The spot soybean contract, Aug-23, climbed by almost $0.20 per bushel the week of Jul. 17 to close at $15.01 per bushel. Nov-23 closed the week at nearly $14.02 per bushel.  Soybean oil futures continued their climb the week of Jul. 17. Aug-23 soybean [...]

Nonfat dry milk inventories resilient, but facing challenges in latter half of 2023

So far, 2023 has been marked by consistently solid inventories of most dairy products and a general softening in prices. The most recent dairy products report showed manufacturers’ stocks of human-grade nonfat dry milk (NFDM) at 300 million lbs. This is just about the [...]

Mexico sugar reference prices boost food costs

In the first week of July, reference prices for sugar made further gains, continuing the rally of the previous four months. Estandar pricing is now up over 40 percent YOY, refined up over 50 percent.  Price strength follows the general inflationary trend, further supported [...]

June grain stocks below expectations

The Jun. 30 quarterly grain stocks report revealed a tighter supply situation than the market was anticipating, with corn stocks down 3 percent from the average of analyst expectations, soybeans down 1 percent, and all wheat down 5 percent. With 2022/23 production down year [...]

Acreage report surprises corn & soybean markets

USDA’s June 2023 estimation for corn planted acreage is 2.2 percent from the first quarter of 2023 and up 6 percent from 2022 at 94.1 million acres. This was above the average analysts’ expectations and out of the range of estimations. The top corn-producing [...]

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