EPA approves E-15 summer sales | Weekly Commodity Market Update
In this final episode of Weekly Commodity Market Update, Will and Ben talk about the EPA approving E-15 summer sales, and planting continuing slowly.
Market recap (changes on week as of Friday's close):
» May 2025 corn down $.04 at $4.78
» December 2025 corn down $.11 at $4.55
» May 2025 soybeans up $.14 at $10.49
» November 2025 soybeans up $.04 at $10.35
» May soybean oil up 1.42 cents at 49.28 cents/lb
» May soybean meal down $5.80 at $290.00/short ton
» May wheat down $.18 at $5.30
» July 2025 wheat down $.16 at $5.45
» May 2025 cotton up 0.53 cents at 66.85 cents/lb
» December 2025 cotton up 1.53 cents at 69.97 cents/lb
» May 2025 rough rice down $0.55 at $12.935/cwt
» September 2025 rough rice down $0.07 at $13.475/cwt
» May WTI Crude Oil up $0.85 at $62.53/barrel
Weekly highlights:
U.S. consumer sentiment plunged 8% in April. The 52.5 reading is the fourth lowest monthly reading since records began in 1952.
For the third consecutive week crude oil stocks were higher (+10.3 million gallons) while U.S gasoline and distillate fuels were down 188 and 98.8 million gallons respectively. Implied gasoline consumption increased sharply on the week and to a calendar year high.
U.S. ethanol production increased to 304 million gallons after matching a calendar year low the week prior. Ethanol stocks decreased 56 million gallons and fell below the same level this time last year.
Weekly export sales of grains and oilseeds were as expected but down week over week. Sales in million bushels reported for corn (45.4) and soybeans (10.2) were neutral. There were net cancelations of 5.3 million bushels of wheat across classes. Rice sales of 1.1 million hundredweight were a four-week high.
Open interest in futures and options positions of grains and oilseeds fell 0.5% week over week. Producers and merchants were net buyers, shrinking their short positions 44,084 contracts. Money managers were net buyers of 1,743 contracts- decreasing their short position.
Grain and oilseed export inspections were bullish for wheat at 23.8 million bushels while neutral for corn (65.1), soybeans (16.1) and grain sorghum (0.855).
U.S. corn planting was 24% this week- a little behind the 28% average for this time of year and a little slower than trade expectations of 25%. U.S. soybean planting is at 18% ahead the 12% on average and the 17% expected in pre-report expectations.
U.S. winter wheat conditions were 49% good to excellent- up 4 points from the week prior and up 2 percentage points from pre-report trade exceptions.
Topics:
» Market recap
» EPA approves E15 for summer season
» Planting continues slowly
» Consumer sentiment drops in April
» Reports to watch
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