The April World Agriculture Supply and Demand Estimates (WASDE) released by the USDA showed somewhat significant changes for corn, moderate adjustments for wheat, and minor changes in the soybean balance sheets. Ending stocks for corn were lowered 10 percent, or 150 million bushels, to 1.352 billion bushels. This this lowered the corn stock to use ratio to 9.2 percent, matching the lowest past stock to use ration since 2013. As a result, corn prices are at their highest level since 2013. One thing a low ratio generally causes is increased volatility within the market. Corn use for ethanol production was increased by 25 million bushels to 4.975 billion bushels. Feed and residual use was increased 50 million bushels and exports were forecast 75 million higher to 2.675 billion bushels.
Soybean projected stock levels were unchanged at 120 million bushels….
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...