Negative cash flow could be ahead: Weekly Commodity Market Update for 5/30/23
This week, Will and Ben discuss farmers' financial future.
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Market recap (changes on week):
- July corn up $.32 at $6.03
- December 2023 corn up $.19 at $5.28
- July soybeans down $.20 at $13.21
- November soybeans down $.26 at $11.71
- July soybean oil down more than 1 cent at 47.65 cents/lb
- July soybean meal down $14.20 at $398.00/short ton
- July 2023 wheat down $.05 at $6.01
- July 2024 wheat up $.01 at $6.62
- June WTI Crude Oil down $1.37 at $70.68/barrel
Weekly highlights:
- US gasoline demand surged higher two weeks ago- up 6% week over week and pulled down US energy stocks across the board.
- US ethanol production fell just slightly on the week at 289 million gallons produced. US corn used for ethanol remains below the pace to hit USDA’s target by about 40 million bushels.
- US Ag Export sales were all within expectations this week but continued a trend of declining export sales. Corn sales were negative for the second straight week in a row and third week out of four. Wheat sales were negative for the second week in a row.
Topics:
- Market recap
- Crude Oil adjustments
- Fuel demand
- Export update
- Cash flow expectations
- Reports to watch
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