Briefing

Natural Gas Storage EIA Natural Gas Storage 3,024 Bcf↑ +41 Bcf on the week↓ −21 vs last year (−0.7%)↑ +181 vs 5yr average (+6.4%) Analysis  +41 Bcf for the week ending July 10, the third straight week of slowing injections, bringing total working gas to 3,024 Bcf. Storage sits 181…

USDA Export Sales USDA Weekly Export Sales Soybeans🌱: 188,300 MT corn🌽: 315,000 MT wheat🌾: 235,100 MT Analysis  1,769,600 MT of new crop soybean sales, with China taking 1,056,000 MT in a single week. Current year beans came in at 188K, up from last week’s 54K, with China at 134K and…

Dairy Product Sales Dairy Product Sales 🧈 Butter: $1.66/lb (↑7.9¢)🧀 Cheddar: $1.50/lb (↓1.9¢)🥛 NDM: $1.71/lb (↓8.0¢) Analysis  $1.7059 on NDM, down 8¢ and the eighth decline in nine weeks. That is over 40¢ of losses since late May. Cheddar broke below $1.50 for the first time at $1.4961, the weakest…

Ethanol Production Weekly Ethanol Production Production: 1.040 mb/dayWeekly Total: 7.280 mil bblStocks: 24.391 mil bblCorn Used: 103.58 vs 96.75 needed Analysis  1.040 million barrels per day, down 4.8% on the week, below the five year average for this week of the year, and stocks still built. Implied demand at 6.817…

EIA Energy Stocks EIA Weekly Energy Stocks Refinery Rate: 96.2%  🛢 Crude Oil: 409.7M ▼ 1.7M wk | -12.5M yr ⛽ Gasoline: 210.5M ▼ 1.5M wk | -22.3M yr 🔥 Distillate: 108.2M ▲ 4.6M wk | +1.2M yr 🏭 ULSD: 98.4M ▲ 4.6M wk | +0.1M yr Analysis  Gasoline drew…

Crop Progress Crop Progress 🌾 Corn G/E ticks up to 68%🌱 Soybeans G/E rises to 65% Analysis  Corn ticked up a point to 68% good to excellent and beans did the same at 65%.  Both corn and soybeans are still running below year ago levels, 6 and 5 points respectively,…

USDA Weekly Export Inspections Export Inspections Soybeans🫘: 15.382 mbu Corn🌽: 60.617 mbu Wheat🌾: 13.727 mbu Analysis  60.6 million bushels of corn this week, and that is the sixth straight week above 55. Mexico took 480K MT, Japan 301K, and Vietnam showed up at 205K. Beans came in at 419K with…

Commitment of Traders Commitment of Traders Managed Money Net Positioning: 🌾 GRAINS Corn: -14,999 (▲51,997 wk) Soybeans: +69,579 (▲31,430 wk) Wheat: -60,432 (▲7,129 wk) ⛽ ENERGIES Crude Oil: +64,041 (▼17,241 wk) Nat Gas: -60,295 (▲4,513 wk) RBOB: +71,249 (▼675 wk) 📈 FINANCIALS (Lev. Funds) E-Mini S&P: -361,875 (▼1,406 wk) Nasdaq…

July WASDE July WASDE 🌽CornYield: 183.0Harvest Area: 87.4Production: 16,000Ending Stocks: 1,790 🫘SoybeansYield: 53.0Harvest Area: 84.4Production: 4,475Ending Stocks: 310 🌾WheatYield: 47.9Harvest Area: 32.1Production: 1,536Ending Stocks: 722 Analysis  New crop corn ending stocks at 1,790 million bushels, down 170 million from June’s 1,960. That is the number on this report. Old crop…

EIA Natural Gas Storage EIA Natural Gas Storage 2,983 Bcf↑ +61 Bcf on the week↓ −15 vs last year (−0.5%)↑ +185 vs 5yr average (+6.6%) Analysis  +61 Bcf for the week ending July 3, bringing total working gas to 2,983 Bcf. Storage is now just 15 Bcf (0.5%) below last…