Another successful annual seminar in the books!  

McKeany-Flavell’s 2024 Spring Market Seminar, Movers and Shakers, was held Wednesday, April 17!  

Our commodity experts and guest speaker presented on exciting new innovations and opportunities in technology and sustainability impacting corn wet milling, cocoa, wheat, edible oils, biofuels, sugar, and more!  

Check out the McKeany-Flavell Hot Commodity Podcast to hear the recap of Movers and Shakers and explore our library of podcast episodes.

Dec-Feb corn use hit a three-year high: USDA’s updated quarterly use figures for corn show that total Dec-Feb 2023/24 disappearance was 3.83 billion bushels, up 12 percent from 2022/23 Q2 use. Total disappearance for the first half of 2023/24 was 8.37 billion bushels, up 10 percent YOY. Corn demand for feed and ethanol production is much stronger this year vs. last season, boosted by lower cash corn pricing. We are seeing a rise in net corn cost, however, due to lower corn gluten meal and feed credits.

After a week of trading sideways, 2024 #11 sugar futures dipped to one-year-plus lows in late April as the dollar traded sideways and crude oil retreated from H1 April highs. Domestic #16 raw sugar reached a 13-month low. Also weighing on world sugar markets: the first report of the new Brazil center-south cane campaign showed cane crush up 14 percent YOY, with production of sugar up 31 percent; the sugar share of cane use was 44 percent vs. 38 percent a year ago, a trend expected to continue.

The price of butter has become more attractive to dairy farmers than other dairy products.  

Butter inventories have been rising from the beginning of the year, even over 50 percent. Currently, butter stocks are recorded as the second highest since 2021. With all these influxes in stocks, the season of peak demand is yet to come. Surplus butter is stored in cold storage, awaiting the equivalent demand from the global market. This is likely to calm prices in the future as stocks will be in abundance, forces prices to come down.  

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.