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Weekly Winners & Losers
What a wild week (seems like I have said that before).
Dec corn had a 35-cent range that was squeezed into the last two days of the week as a disappointing July report was quickly followed by a return to focusing on less-than-idea weather.
Plus, signs of improving demand added to the positive tone as weekly exports were the largest since early April and Brazilian corn premiums are on the rise, narrowing the price gap between us and them.
Nov beans had a 67-cent range last week, closing out the week near the top at 13.71.
I bolded Aug bean oil’s YTD performance above as it is the only non-livestock commodity on the board that isn’t in the red thus far in 2023.
Bean oil’s rally has defied the odds in recent weeks, shaking off a disappointing RFS final rule for 2023-25 last month to climb to its highest levels in 2023 last week.
We are still two weeks away from EIA’s release of May’s biofuel production feedstock use, but May RIN generation data coupled with NASS industry crush showing a large drawdown in oil stocks implies the month saw a substantial uptick in soybean oil usage for biomass-based diesel production which makes sense given the market was making new lows at the time.
There is no market more dynamic than soybean oil today, as it has gone from barely on the bus to driving the bus over the course of the past two years - all at the hands of an explosion in renewable diesel production/demand.
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