A quiet March WASDE

The March 2022/23 U.S. corn outlook is for lower exports and increased ending stocks compared to February estimates. USDA lowered exports by 75 million bushels due to the slow pace of shipments and sales. Ending stocks were raised, above expectations. The 2022/23 U.S. soybean [...]

Corn market quiet ahead of WASDE

The corn market is holding steady despite hits to its three major demand categories, weather variability, and political uncertainty. Mar-23 corn closed a bit higher this week, although, analysts expect global corn ending stocks to fall by about 2 MMT in this week’s WASDE [...]

Corn exports not hitting necessary pace

USDA did not adjust 2022/23 corn exports in the February WASDE, contrary to expectations of market watchers tracking the weekly shipment progress. Weekly exports still lag the average level needed to hit the target, however, so we may see a reduction in the March [...]

Mexico sugar prices weaker, production still down YOY

Through the week of Feb. 4, the 19th week of Mexico’s 2022/23 sugar campaign, cumulative cane harvest area was reported up 3.8 percent YOY. Due to poor cane yield (tonnage), however, total cane crush is still down 6.5 percent YOY, and with the sugar [...]

A quiet February WASDE as expected

The February 2022/23 U.S. corn outlook is for a slight reduction in the domestic use of corn and increased ending stocks compared to January estimates. USDA lowered forecast corn used for ethanol by 25 million bushels and raised ending stocks by the same. The [...]

Corn exports stalled over the holidays

U.S. corn export sales totaled 575,000 MT (22.6 million bushels) between Dec. 23 and Jan. 5, the slowest pace of contracting for this time of year since 2012/13. Shipments over the two-week holiday period fared a little better thanks to stronger exports during the [...]

Soy complex pressured by improved weather

Futures activity Spot soybean oil fell to just under 62 cents per pound Friday, hitting six-month lows. S&D and fundamental factors The Rosario Exchange cut Argentina’s soybean crop all the way to 37 MMT—well below USDA’s estimate of 45.5 MMT in the January WASDE. [...]

Corn market bullish after WASDE

Futures activity Mar-23 futures rallied 21 cents per bushel last week, back up to $6.75 per bushel. S&D and fundamental factors Argentina’s crop outlook seems to be getting worse each week. The Rosario Exchange (Argentina’s local ag forum) lowered their corn crop estimate from [...]

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