January soybean oil edible use rose 5% YOY

USDA reported that in January, 1.15 billion pounds of soybean oil were removed from stocks for use in edible applications. This volume was up 3 percent from December and up 5 percent from January 2020 as demand for soybean oil has proven notably resilient [...]

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, [...]

February cattle on feed at multiyear high

As of Feb. 1, U.S. cattle on feed totaled just over 12.1 million head, the second highest February total since reporting began in 1996. Inventory was up 1 percent from January and up about 1 percent YOY, slightly above industry expectations. The high number [...]

Corn prices soften in search of fresh fundamental drivers

Corn futures ended last week with different tones for old-crop vs. new-crop contracts. Dec-21 contracts were nearly flat, closing up slightly for the week at $4.6000 per bushel. This first look at the upcoming U.S. production season was close to market expectations, but projected [...]

WASDE confirms lower domestic soybean stocks

Last week’s WASDE report confirmed the trade’s expectation of declining domestic soybean stocks. Now pegged at 120 million bushels, U.S. soybean stocks are poised to touch their lowest level since 2013/14. After an initial bullish market reaction, futures traded lower on Wednesday before climbing [...]

WASDE: Industry hits on soybean stocks, misses on corn

In the February WASDE, USDA raised its 2020/21 corn exports forecast by 50 million bushels to 2.600 billion bushels. This dropped USDA’s 2020/21 U.S. corn ending stock forecast by 50 million bushels to 1.502 billion bushels, notably above the average industry estimates of 1.384 [...]

Corn futures consolidate ahead of USDA report

Corn prices traded in a relatively narrow range of about $0.10 per bushel last week. Traders were also positioning ahead of what is expected to be a fairly bullish WASDE report tomorrow as the market foresees the potential for additional declines to ending stocks [...]

December refined corn oil stocks near three-year high

In the February Fats and Oils report, USDA reported that production of refined corn oil totaled 182.2 million lbs in December, up 33.6 million pounds or 23 percent from November but down 7 percent from a year ago. U.S. stocks of refined corn oil [...]

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