-August 12,2023-
Futures info from Trading Economics
Corn futures sank to $4.72 per bushel on August 11th, a level not seen since December 2020, following the two-year low of $4.76 touched on July 12th as improving weather continue to weigh on the market. In the US, regular showers and moderate heat in August have eased concerns about crop stress after U.S. crops faced endured drought and high temperatures earlier in the summer. Meanwhile, U.S. government predicts that dry conditions early in the growing season would mean smaller harvests of both this fall. Still, the corn crop would be the second biggest on record due to large acreage and as growing conditions improved during the key development month of July. The U.S. is expected to be the No. 2 exporter of soy and corn, after Brazil, this year.
That cup of Joe should be costing less in coming months. This month Arabica coffee futures in the US eased further towards $1.58 per pound, approaching a six-month low of $1.52 scaled on July 19th, amid prospects of higher supply.
Americans declare beef is better than its plant-based or lab-grown alternatives from almost any standpoint, from taste to nutrition and environmental impact, said a Purdue University report on Wednesday. Consumers gave slightly higher scores to “lab-grown meat” as opposed to “cell-cultured meat,” although it is the same thing.
WTI crude is up 15.8% through July and a total 17.8% month-to-date. Gasoline is up 11.2% and 12.6% in the same periods. The truly monstrous reflation is in diesel (+22.2% and +27.5%) and Jet fuel (+26.2% and 31.4%).
AAA says California gasoline prices are up 24 cents in the past month but diesel is up 60 cents. Exporters have cut the supply wanting to boost prices and they are succeeding.
Milk exports down
from Milk Producers Council
Slower shipments to Asia, and especially China,
weighed on the overall export numbers. U.S. dairy
exports to China fell to 71 million pounds, a decrease
of 27.6% compared to the same month last year.
Exports to Canada were also down 20.3% year over
year, falling to 40.5 million pounds. Notably, buying
from Mexico remained robust. June exports to
Mexico set a record for the month at 139.4 million
pounds, an increase of 10.1% over June 2022.
Continued buying from Mexico has been a bright
spot in an otherwise worrying export scenario.
Cumulative exports to Mexico were up 22.4% over
the first half of the year as buyers capitalized on an
increase in purchasing power imbued by a peso that
sits at an eight-year high