Heading into April and new-crop planting, the market will pay attention to how USDA adjusts 2023/24 corn use in the next few WASDE reports and if adverse weather during planting limits corn acreage. We may see higher corn utilization numbers in the April WASDE to account for lower-than-expected corn stocks as of Mar. 1. USDA has just started to report on 2024 crop progress, but corn planting has yet to begin in most Corn Belt states. Soil temperature is rising, though, and planting will proceed quickly when fields are dry enough to allow sowing.

Biofuel feedstock consumption dropped in the beginning of the year except for canola oil. The decline in demand may stem from low operating margins in the biodiesel sector. 

This month’s biofuels overview shows how ethanol and biomass-based diesel production drive corn and edible oils market dynamics. Biofuel feedstock demand continues to strengthen.

Nearby #11 world sugar has remained in a narrow range over the last month, with May-24 between 21.50 and 22.70, most recently finding support at their 20-day averages. London white #5 moved higher in March, however, reaching a seven-week high in late March at $653.40 but consolidating below that level at longer-term retracement support near $649.50. 

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.