Tidbits, Fuel, Cropland Value, Markets & Rain Days Update 10/24/22
The weather has been so dry, harvest will soon be over and the basis will firm much sooner than normal. The corn basis has already firmed from a week ago in about 30% of the Corn Belt with below average yields.
According to the Energy Information Administration (EIA), the US has 25 days of diesel fuel left. In 2019, diesel supplies were down to a 25 day supply. In 2008, when crude oil hit $147 per barrel and the economy was in the worst recession since the Great Depression, diesel supplies were down to a 24 day supply. We see no reason to do anything other than keep the farm tank from getting empty before you order a refill.
EIA says first half 2022 US energy exports hit an all-time high in 2022, including diesel.
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