AgweekTV's Michelle Rook and Randy Martinson of Martinson Ag Risk Management talk about up and down markets, the June WASDE report, reports of possible help for refiners complaining of high RIN prices, an improving cattle market and the future of the hog market on this week's Agweek Market Wrap.
CHICAGO, June 12 (Xinhua) CBOT agricultural futures consolidated in the past week awaiting certainty in the summer Central U.S. weather pattern, Chicago-base
Corn – Weekly export rates continued to set new highs over the past month on steady Chinese and overall global demand, though those paces could ease back as futures prices creep back towards $7/bushel and the Brazilian safrinha crop is harvested. An upward revision past USDA’s current 2020/21 export estimate of 2.78 billion bushels would not terribly surprise markets.
Ethanol could also be another demand factor that further draws down 2020/21 corn stocks. USDA left the metric unchanged in last month’s report, but output levels have risen back to pre-pandemic volumes. The industry is taking a cautious approach to expansion as consumer fuel demand recovers, albeit somewhat slower than refiner demand for ethanol.