Midwest growers push to get crops planted

Farmers in the Corn Belt took advantage of better weather and made enormous progress last week in planting corn and soybeans. Iowa’s planted corn acreage rose from 14 percent to 57 percent as reported in the May 16 crop progress bulletin, while Illinois went [...]

Surging greenback could help press pause on dollar-denominated commodities

Interest rates were increased by 50 basis points in an early-May Fed meeting, and there was strong insinuation the move would be followed by another hike of 50 points at the June meeting and perhaps several more later this year. Higher yield is attracting [...]

USDA sees continued corn tightness, supporting futures

Futures activity After a bullish reaction to last Thursday’s USDA report, Jul-22 corn futures settled Friday at $7.81 per bushel. The Dec-22 contract ended the week up $0.38 at $7.4875 per bushel. S&D and fundamental factors U.S. corn was 22 percent planted as of [...]

Slight break in world food prices in April

In April, FAO’s Food Price Index (FPI) fell slightly from March, possibly a positive sign after strong food price inflation in previous months. Adjusted for inflation, the FPI was 121.8, down about 0.8 percent from prices in March. The FPI was still up 28 [...]

First projections for 2022/23 in May WASDE

In its May WASDE report, USDA revealed the 2022/23 season projections to its report while making no notable changes to the current season’s forecast. USDA’s first projection for 2022/23 U.S. corn production was 14.460 billion bushels, down about 655 million bushels from the current [...]

Edible oils imports mixed in March

The U.S. imported more canola, palm, and sunflower oils in March but pulled back on deliveries of coconut and palm kernel oils. Canola oil imports are predictably higher this year due to lower domestic production. During the first three months of the year, U.S. [...]

Proposed EU ban on Russian oil imports unsettles markets

The start of the Russian invasion of Ukraine was quickly followed by the suspension of final permitting and approval of the Nord Stream 2 natural gas pipeline intended to bring Russian natural gas directly to Germany. This past week, the European Commission proposed a [...]

Wild week of strength for soy, support for palm oil

Futures activity Nearing expiration, May-22 soybean futures closed Friday at $16.55 per bushel, down about $0.53 per bushel from the start of the week. Nov-22 soybeans ended the week down $0.44 at $14.7075 per bushel. S&D and fundamental factors U.S. soybean plantings were 8 [...]

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