Pro Farmer Analysis
A flood of Brazilian soybean cargoes into China is weighing on soymeal purchases and may curb buying of beans later in the year, traders and analysts told Reuters.
The Clean Air Act (CAA) allowed for exemptions to be granted for small refiners, a topic that has become controversial in recent years, prompting EPA to reverse some prior granted small refinery exemptions (SREs).
A bull-blown weather market is playing out in the soybean and corn futures markets, which propelled soybeans and meal today.
EPA plans to increase the amount of biofuel blending volumes for 2023 versus its proposed levels, but plans to reduce volumes in 2024 and 2025.
Cash and wholesale conditions seem to favor continued weakness across the cattle and beef complex.
Recap of this week’s price action with 5, 30 and 90 day outlook for soybeans.
In response to California’s Proposition 12, Sen. Roger Marshall (R-Kan.) introduced the Ending Agricultural Trade Suppression (EATS) Act today.
Wednesday’s fundamental and technical analysis for corn.
The soy complex edged higher, led by a surge in soybean futures amid a second week of lower-than-expected government ratings and supportive outside markets.
House Ways and Means Committee Chair, Rep. Jason Smith, has sponsored a bill that seeks to prevent foreign adversaries from acquiring U.S. agricultural land.
EPA’s proposed RVOs are considered outdated, as they don’t take into account the expected growth in renewable diesel production capacity.
Office of Management and Budget (OMB) meetings on EPA’s biofuels plan for 2023 and beyond are ongoing, addressing the Renewable Fuel Standard (RFS) obligations.
Corn market outlook for the next 5, 30 and 90 days.
The U.S. exported $14.38 billion in ag goods during April against imports of $16.28 billion.
July SRW futures fell 11 cents to $6.16 3/4, ending the day near the session low.
This proposal has been supported by more than 100 lawmakers and the dairy industry, who argue that children are more likely to drink milk if it has a better taste.
EPA will abandon a proposal to include the electric vehicle industry in the U.S. biofuel blending program, three sources familiar with the matter told Reuters.
Short covering and technical buying from the speculators were featured today after the corn market got a bullish surprise with Monday afternoon’s weekly USDA crop progress reports.
SovEcon raised its 2023-24 Russian wheat export forecast by 2.7 MMT.
Cotton futures extended Friday’s weakness despite crude strength after top crude exporter Saudi Arabia pledged to cut production by an additional 1 million barrels per day from July.
The House overwhelmingly approved a debt ceiling bill that also curbs federal spending, causing House Speaker Kevin McCarthy (R-Calif.) to hint at further tightening work requirements for safety net programs.
Soybean market outlook and price drivers over the next 90 days.
A recent report from CoBank’s Knowledge Exchange indicates the interest-related cost of carry for the 2023-24 marketing year is predicted to rise to record highs.
Brazil is exporting a combined 120,000 MT of soybeans to buyers in the U.S., shipping data seen by Reuters showed.
August live cattle rose 50 cents to $167.675. August feeder cattle gained $1.40 at $239.175. Both markets closed nearer their session highs, hit contract highs and closed at technically bullish monthly high closes.
It also urged buyers to purchase sprouted wheat that can still be used for feed or industrial purposes.
Shipments from Brazil’s largest private port terminal Tiplam at Santos is expected to grow 6.8% to a record 12.5 MMT this year.
The pork sector, especially in Canada, is facing a challenging road to profitability in 2023 due to several adverse conditions.
India expects to harvest a record 112.7 MMT of wheat this year, the country’s ag ministry said.
Price action, fundamental and technical analysis for Wednesday, May 24th.