Crude oil pricing rises as OPEC+ limits production growth

Brent crude oil futures surged this past week, topping $81 per barrel, a level not seen since 2014, making a contract and yearly high after the most recent OPEC+ meeting. The OPEC+ Joint Technical Committee (JTC) met ahead of the regular member meeting to [...]

Post-report pressure on soybean, soy meal futures

Futures activity Nov-21 soybean futures came under extreme pressure after Thursday’s Grain Stocks report, settling the week at $12.4650 per bushel, down 41 cents per pound from Monday. Soybean meal futures also took a hit as the Dec-21 contract closed last week lower by [...]

Natural gas climbs after Hurricane Ida idles production

Tropical storm and hurricane activity have increased as we near the peak of the season with Grace, Henri, and Ida all making themselves felt in various ways. Most recently, Hurricane Ida made landfall in southern Louisiana as a Category 4 storm, causing destruction and [...]

Shift in short-term corn market factors

Futures activity Sep-21 corn futures ended last week considerably lower, down more than $0.32 per bushel over the week. Dec-21 futures fell by 3.5 percent over the week to close at $5.24 per bushel. S&D and fundamental factors U.S. corn condition remains at national [...]

June soybean oil use for biofuel down 11% YOY

Manufacturers of biodiesel and renewable diesel used 663 million pounds of soybean oil in June, down 16 percent from May and down 11 percent from June 2020. Soybean oil accounted for about 44 percent of biofuel feedstock consumption during the month. We estimate that [...]

Biofuel rumors loom over soybean market

Futures activity Soybean futures posted a strong rebound last week, with Sep-21 futures closing on Friday up by over $0.65, at $13.5925 per bushel. Nov-21 soybeans closed lower (but higher for the week) at $13.2325 per bushel. S&D and fundamental factors 2021/22 export sales [...]

U.S. palm/palm kernel oil use holding onto 2020 boost

U.S. edible oils processors increased consumption of refined palm and palm kernel oils starting in June 2020, around the time that use of soybean oil for biofuels shot up. Between June 2020 and June 2021, processors removed 3.0 billion pounds of refined palm oil [...]

Corn futures dipped 6% last week

Futures activity Along with nearly all other commodity markets, corn futures experienced a sharp sell-off last week as pandemic concerns stoked fear and prompted contract liquidations. Dec-21 futures ended the week down $0.3175 per bushel from last Monday’s settle to close at $5.37 per [...]

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