Briefing

Grain Export Sales Grain Export Sales 🌽 Corn: 565,810 MT8.2% of USDA Est | Inside est range 🌱 Soybeans: 54,349 MT6.4% of USDA Est | Inside est range 🌾 Wheat: 313,103 MT29.0% of USDA Est | Inside est range Analysis  All three landed inside the estimate range this week, but…

USDA Dairy Product Sales Dairy Product Sales 🧈 Butter: $1.58/lb (↑1.5¢)🧀 Cheddar: $1.52/lb (↓1.5¢)🥛 NDM: $1.79/lb (↓5.3¢)💧 Dry Whey: 65.2¢/lb (↑1.3¢) Analysis  NDM dropped another 5.3¢ to $1.7912/lb and that is now over 33¢ of losses since the late May peak above $2.12. Six straight weeks lower. Cheddar ground down…

Ethanol Production Ethanol Production Production: 1.093 mb/dayWeekly Total: 7.651 mil bblStocks: 23.928 mil bblCorn Used: 108.86 vs 97.56 needed Analysis  Stocks drew 762,000 barrels to 23.928 million, the lowest level since January 2. Implied demand jumped to 8.413 million barrels on the week, the strongest print since late March. Production…

EIA Weekly Energy Stocks EIA Weekly Energy Stocks Refinery Rate: 95.8%  🛢 Crude Oil: 411.4M ▲ 3.0M wk | -14.6M yr ⛽ Gasoline: 212.1M ▼ 1.9M wk | -17.4M yr 🔥 Distillate: 103.6M ▼ 5.0M wk | +0.8M yr 🏭 ULSD: 93.8M ▼ 4.4M wk | +0.3M yr Analysis  Distillate…

EIA Short Term Energy Outlook Short Term Energy Outlook 🛢️ Brent: $82/bbl ⛽ Retail Gasoline: $3.64/gal  🔥 NatGas: $3.67/MMBtu U.S. Crude Production: 13.8 mb/d Analysis  The EIA cut its 2026 Brent forecast to $82 a barrel, down $13 from last month and the largest downward revision this cycle. The move…

U.S. Trade Balance U.S. Trade Balance 🛢️ Crude Oil: +$2.0B⛽ Nat Gas Liquids: +$0.6B🌾 Foods & Bev: +$0.6B🫘 Soybeans: +$0.3B💨 Natural Gas: ▼$1.1B Trade Deficit: $77.6B (+$23.0B from April, +42.2%)Total Exports: $317.7B (▼$10.5B, ▼3.2%)Total Imports: $395.3B (+$12.5B, +3.3%) Analysis  May’s trade numbers swung hard. The deficit blew out to $77.6B,…

USDA Crop Progress USDA Crop Progress 🌽 Corn G/E steady at 67% 🌱 Soybeans G/E slips to 64% 🌾 Winter Wheat G/E holds at 26% 🌾 Spring Wheat G/E eases to 57% Analysis  This afternoon’s USDA report showed corn conditions holding steady at 67% good/excellent for the second straight week,…

USDA Grain Export Inspections USDA Grain Export Inspections Soybeans🫘: 19.413 mbu Corn🌽: 64.634 mbu Wheat🌾: 4.911 mbu Analysis  Holiday shortened week drove total inspections down 18.4% to 2.306M MT.  Corn eased 9.6% to 1.642M MT with Mexico dominating at 557K followed by Japan at 312K and Colombia at 222K. The…

EIA Natural Gas Storage EIA Weekly Natural Gas Storage 2,922 Bcf↑ +87 Bcf on the week↓ −23 vs last year (−0.8%)↑ +175 vs 5yr average (+6.4%) Analysis  The EIA reported an +87 Bcf injection for the week ending June 26, bringing total working gas to 2,922 Bcf. The year over…

USDA Grain Export Sales Export Sales 🌽 Corn: 732,070 MT7.7% of USDA Est | Inside est range 🌱 Soybeans: 41,786 MT5.5% of USDA Est | Below est range 🌾 Wheat: 300,060 MT27.5% of USDA Est | Inside est range Analysis  🌽 Corn: 732,070 MTThe new 2026/27 marketing year is now…