USDA shows caution in November U.S. grain adjustments

Today’s WASDE report delivered a few modest changes to the U.S. balance sheets for wheat, corn, and soybeans, leaving ending stocks a bit higher from the October estimate for corn and soybeans and slightly lower for wheat. USDA tweaked 2022/23 wheat use for food [...]

October WASDE mismatched with industry expectations for corn, soybean stocks

Today’s S&D update from USDA showed higher corn and lower soybean stocks than anticipated, although wheat numbers were more aligned with expectations. Predictably, soybean futures are seeing a bullish session as a result, while the corn market is showing uncertainty with a slightly bearish [...]

Recessionary fears weigh on soybean market

Futures activity Soybean oil prices were hit hard Friday, falling 2.20 to 2.80 cents per pound. Jan-23 futures closed at a two-week low of 62.82 cents per pound. Spot soybean oil (Oct-22) is now around 67 cents per pound. S&D and fundamental factors The [...]

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 [...]

Russian invasion of Ukraine roils markets, including the soy complex

Futures activity Mar-22 soybeans closed last week at $15.9025 per bushel on Friday but not before touching a high of $17.65 per bushel on Thursday—a record high for a March soybean contract. Mar-22 soybean oil futures surpassed last year’s high, reaching $0.7472 in Thursday’s [...]

WASDE: Higher corn & soybean ending stocks

In the January WASDE, USDA increased its 2021/22 U.S. corn production estimated to 15.115 billion bushels, up 53 million bushels from the December estimate. USDA raised 2021/22 corn ending stocks to 1.540 billion bushels, up 47 million bushels from the previous forecast. Corn exports [...]

WASDE: Yields higher for corn, lower for soybeans

In the November WASDE, estimated 2021/22 U.S. corn yield was raised 0.5 bushels per acre (bpa) to 177.0 bpa, which would be the highest yield on record. With this improved yield, estimated new-crop production rose to 15.062 billion bushels, up 43 million bushels from [...]

Soybean & soybean oil futures move in opposite directions

Futures activity Soybean oil futures rose steadily all last week, supported by rising palm oil prices. Dec-21 bean oil futures rose from 58.85 cents per bushel to 61.40 cents per bushel, nearing a two-month high if futures climb to 62.3 cents per pound this [...]

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