Cost of Thanksgiving meal rises again in 2022

The cost of ingredients for a ten-person Thanksgiving meal hit a new record this year, as estimated through the American Farm Bureau Federation’s survey. The 2021 cost was a record $53.31 ($5.33 per person), and the estimated 2022 cost surpassed at $64.05 ($6.41 per person). For a traditional Thanksgiving dinner, the cost of a turkey (16 pounds) is estimated [...]

Mexico increases U.S. corn purchases

Mexico placed orders for a net 919,837 MT of corn during the week ending Nov. 10, the highest weekly net for this season to date. Outstanding sales to Mexico ended the week at 4.8 MMT, down 17 percent year over year; during the previous two weeks, outstanding sales were down 30 percent YOY. The increase in Mexico’s market activity [...]

Natural gas inventories pull even with benchmarks

For the first time this year, natural gas storage underground reached 2021 levels and seems set to catch up with the five-year average. Atypically warm weather across much of the eastern U.S. during October and the first half of November allowed a greater build this fall. Inventories reached 3,644 billion cubic feet (Bcf), a net change of 64 Bcf [...]

Soybean exports strong, Ukraine export deal limits price upside

Futures activity Jan-23 soybeans closed last Friday at $14.28 per bushel, down 12 cents from last Monday. Dec-22 soybean oil ended the week down more than 3 cents at $0.7274 per pound. S&D and fundamental factors NOPA crush was 184.5 million bushels in October, up from September and YOY. Soybean oil supplies were 1.528 billion pounds, down 17 percent [...]

Soybean harvest wraps up a few days ahead of average

The soybean crop harvest was nearly complete in all the top-producing states as of Nov. 13 and 96 percent complete on average across the U.S. vs. the five-year average of 91 percent. This report was the last one for 2022/23 soybeans. Corn harvest is also close to complete (93 percent for the U.S. vs. 85 percent average), and USDA [...]

FAO Food Price Index down for seventh straight month

Adjusted for inflation, FAO’s October Food Price Index (FPI) fell by 0.1 percent from August, the sixth straight monthly decline. Year on year, the index is up about 0.3 percent—a minor difference compared to the double-digit YOY growth seen from early 2021 through July 2022. While the slower price inflation is surely welcome news to many, the multiyear comparison [...]

Soybean export volumes to China slow again

Net soybean export sales were a bit below average during the week ending Nov. 3, continuing the slower pace of recent weeks. There was a rise for week-over-week exports during the period. Soybean export volumes to China slowed somewhat during the week to 1.9 MMT, with China’s share of U.S. total soybean exports falling slightly to 71.5 percent. This [...]

As the main cocoa harvest begins, top origin faces port strike

Dockworkers are striking in the major exporting coastal city of San Pedro in Ivory Coast, disrupting the normal flow and loading of cocoa beans destined for markets around the world. Strikers are protesting for higher wages and have blocked roads used to transport cocoa beans to port. As a result, arrival figures since the start of the season, Oct. [...]

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