Brazil sugar exports pick up in July

From April through July, center-south cane crush was down 7 percent YOY. Sugar production was down 13 percent YOY at some 16.0 MMT, while ethanol manufacturing was down 4 percent YOY at 13.7 billion liters. The cumulative sugar share of cane use was 44 percent, down from 46 percent a year prior. The sugar share in the second half [...]

Reference pricing for Mexico sugar down slightly in early August

After two-plus months of slow appreciation, estandar pricing drifted marginally lower in the first week of August. As a result, estandar was nearly flat from the last four weeks but remains up YOY. Refined pricing has moved sideways over the past few months but is up nearly a point from the four-week average and up modestly YOY. Through the [...]

Some trade partners hold off on buying new-crop corn

Outstanding export sales for 2022/23 corn are well below levels seen by this point in the previous two seasons, but it’s worth noting that then China was buying U.S. corn well beyond its usual practice. This year, China had ordered almost 3.0 MMT of new-crop corn as of Aug. 4, a lot more than its historical average before the [...]

Dairy prices finally acting rationally?

After a solid rally and underreporting of herd statistics in the first half of the year, corrections in USDA cow numbers, solid inventories of dried powder, and waning demand are finally bringing welcome relief to overheated dairy markets. We previously addressed the systemic underreporting of herd across the U.S. that helped support dairy prices through the Northern Hemisphere flush. [...]

Jump for U.S. wheat demand in August WASDE

Forecast U.S. production reported in last week’s WASDE report matched trade expectations with a slight increase for spring wheat production, but planted and harvested acres came off another 100,000 acres. The net increase in U.S. wheat production was minor, up just 2 million bushels. There is still time for future production adjustments up or down with the spring wheat [...]

Ethanol stocks held steady heading into August

Use by blenders and refiners remained on the low side of average (excluding 2020’s depressed demand) during the week ending Aug. 5. Lower demand offset a slight slowdown in production, which was still around average for early August, keeping ethanol stocks above 23 million barrels. Weekly stocks have averaged around 23.5 million barrels since mid-April. We estimate ethanol producers [...]

Food Price Index down for fourth straight month in July

FAO’s Food Price Index (FPI) fell for a fourth straight month in July, down by nearly 9 percent from June, adjusted for inflation, the steepest monthly drop, in percentage terms, since October 2008. The FPI is still up 11 percent YOY, supported especially by stronger prices for dairy, cereals, and vegetable oils. For the year to date, FPI has [...]

Slight dip in the condition of field crops

Around 90 percent of the U.S. corn crop had made it through pollination as of Aug. 7, although Iowa was still behind average at 83 percent vs. 92 percent for the five-year. July’s hot, dry weather hurt crop condition in some regions, with 16 percent of U.S. acres rated poor to very poor, up 2 points week over week, [...]

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