BASIC & RECENT MARKET INFO

Highlights OPEC+ announced yesterday it will cut crude oil production by 2 million barrels a day starting in November. It looks like WTI crude will be in the $85 to $92 range for the foreseeable future. Biden announced yesterday he will release 10 million barrels of oil from the Strategic Petroleum Reserve. The American Petroleum Institute (API) reported a surprise draw down this week for crude oil of 1.770 million barrels, while analysts predicted a build of 333,000 barrels.

Highlights After Sunday’s 6 to 10 day and 8 to 14 day weather forecasts were issued, last evening 247Ag reduced their corn yield projection to 170 to 172 bushels (USDA 175.5) and soybeans to 50 bushels (USDA 51.7). Yesterday, Russia suspended natural gas flow through the Nord Stream Gas Pipeline to Europe. Twelve vessels with grain and food products left Ukrainian ports Sunday. Germany's government approved a $65 billion give-away package to help relieve inflation pressure

Highlights A few days ago, we reported a client’s fuel supplier told him that they were unable to get a load of diesel and their truck had to come home empty. No reason was given. Another of our clients did some research and learned that an electrical fire disabled the ability for the supplier to load tankers. Thanks, Don. USDA announced yesterday morning the sale of 264,000 mts of new crop soybeans to unknown destination. Soybeans settled yesterday 24 cents off the day’s l

Highlights The USDA will issue its monthly Crop Production and Supply and Demand (S&D) Reports today at 10 AM Mountain Time. Roger expects neutral to friendly numbers. If there is a sell-off as a result of the numbers, it will be met with high volume buying because users know supplies are tight. Yesterday morning, the USDA announced a sale of 103,400 mt of new crop soymeal to Mexico. The USDA’s average spot price for soybean meal in Illinois closed at $605.00 per short ton T

Highlights Yesterday morning, USDA announced the sale of 196,000 mts of new crop soybeans to China. Yesterday morning the government reported the Consumer Price Index (CPI, the measure of inflation at the retail level) was 8.5%, down from June’s 9.1%. The market expected 8.7%. Crude oil recovered its losses yesterday afternoon to settle higher on the news that the Strategic Petroleum Reserve (SPR) inventory had declined 5.3 million barrels last week. Gasoline stocks were do

Highlights Tomorrow at 10 AM Mountain Time the USDA will issue its monthly S&D with revised world production numbers. Not much is expected other than soybean exports should be increased 25 to 30 million bushels. The USDA will wait until the Quarterly Stocks and Actual Planted Acres Reports on 30 June before making big changes on the July S&D. India may get the UN nod to export 600,00 mt of wheat. Supposedly a big relief to traders, shippers, importers, and logistics partners

Highlights

Recommendation: Do NOT forward price diesel, gasoline or propane for at least two to three months. Crude oil prices will decline $15 to...

1 November 2021 An Englewood, Colorado based company called simply Gevo makes sustainable, low-carbon biofuel and chemicals. After ten...