Butter stocks surge as milk supply grows

Two major news releases from USDA on Tuesday, Feb.23, prompted a counterintuitive market reaction as prices firmed toward the end of the week. The Cold Storage Report showed AA salted butter stocks at 328 million pounds through January 2021. To put that in perspective, [...]

Q4 cocoa grind yield mixed result so far

A few weeks into 2021, we have seen the first grind results of Q4 2020. This figure corresponds to first quarter of the 2021 October-September crop year. Matching expectations, Malaysian grind fell a nominal 2.5 percent in Q4 2020 to 87,163 MT down slightly [...]

CBD isolate pricing rises despite drop in sales

As of Dec. 21, average daily U.S. CBD isolate prices were at a five-month high and almost 10 percent higher than they were in October. U.S. sales of food and beverage products containing CBD or hemp were down 75 percent YOY as of early-December, [...]

September pineapple juice concentrate imports around average

The U.S. imported just under 12.0 million liters of pineapple juice concentrate in September, right around the average for the month that we’ve seen during recent years. During Jun-Aug, PJC imports were notably higher than during the past two years, perhaps as importers secured [...]

New York terminal squeeze escalates fight over LID

Commodity futures markets often exhibit what is known as carry structure or contango, which is the upward stairstep shape associated with the string of progressively later-dated futures contracts. Higher premiums are a function of the greater uncertainty that comes with time plus additional logistics, [...]

Soybeans retrace but find fundamental, technical support

Soybean futures plummeted after testing a multiyear high last Monday, as COVID-19 concerns led to a selloff in the equity and commodity markets. Friday’s trading reversed the trend, meeting technical (and psychological) support near $10.50 per bushel. Fundamentals remain bullish both in the U.S. [...]

Corn eases on harvest pressure, COVID-19 concerns

The corn rally may have peaked on Sep. 18 after going six consecutive weeks of higher week-over-week closes. Fears over coronavirus resurgence in Europe, surpassing 200,000 deaths here in the U.S., and increased cases in the Midwest caused a sharp drop in the equities [...]

Hog population stable YOY heading into fall

USDA’s quarterly Hogs & Pigs report put the Sep. 1 population at 79.1 million head, up less than 1 percent from Sep. 1, 2019 and down almost 1 percent from the Jun. 1, 2020 number. Usually, we see a modest increase in the hog [...]

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