This week’s USDA WASDE and production estimates were not quite as bearish as they might have been for the following reasons:
The corn and soybean yield estimates were not changed, but they could be revised in August based on the current excellent crop ratings coupled with a very good-looking weather forecast through the balance of July. Corn and wheat export forecasts were raised slightly, offsetting larger crop forecasts that resulted from increases in the planted acreage estimates.
Where do we go from here? The direction of the soybean market will continue to be a limiting factor on the grains. The most important change was the 250-million-bushel (6.8 MMT) reduction in the soybean export forecast because of the Chinese tariff...
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
Key Takeaways: E15 expansion would support corn and ethanol demand by increasing domestic biofuel consumption and reducing reliance on petroleum-based fuels. Year-round E15 has gained bipartisan momentum, but the policy remains in legislative limbo as lawmakers continue to negotiate provisions...
