EIA’s December Petroleum Supply Monthly data show that exports of noncrude petroleum products from the United States averaged 3.8 million barrels per day (bbl/d) in 2014, an increase of 347,000 bbl/d from 2013, and a new record high. Increased exports of motor gasoline and hydrocarbon gas liquids (HGL), including propane and butane, were the main contributors to the trend, while exports of distillate decreased.
CME Group's recent announcement regarding the scheduled July 2 closing of most futures trading pits has triggered a range of reactions. News stories have covered related issues such as displaced floor traders and the effect on membership or "seat" prices, but there has been little discussion about the impact of these closings on the performance of the agricultural futures markets used by farmdoc daily readers. This article examines three questions of interest to market participants.
Class III and Cheese futures markets continued to erode some of last week’s price gains Tuesday on stability of pricing in both spot pricing and the latest GDT auction. The spot block cheese price has maintained $1.5450 since February 20. The GDT price index rose by 1.1% overall after gaining nearly 20% during the past two events. Granted, the price of cheddar on the auction led the way higher gaining 10.8% to $3,377/ton or $1.5318. But overall, it appears as though the recent boost to GDT price index has absorbed and acknowledged the dry weather concerns for the time being. A GDT pri
The Class III futures market took an unchanged spot session as decidedly bearish yesterday and retraced a large chunk of Friday’s gains, largely keeping the trading range of the past month intact with a “wax on-wax off” temperament and again raising the question of whether or not the trade is just coiling in consolidation mode, or if bearish headwinds will begin to work prices lower?
Class III futures finished February on a bullish note, with the March-December contracts surging between 9¢-38¢ higher. The 2Q 2015 futures pack average gained 33¢ Friday to close out the month at $16.31/cwt., posting a week-over-week gain of 56¢ and increasing 63¢ from the end of January.
Estimated U.S. January 2015 cull cow prices (beef and dairy combined) averaged $112.00/cwt., according to the USDA/NASS Ag Prices report. The average is down $3.00/cwt. from December’s revised estimate, but $23.70/cwt. more than January 2014. It is the lowest monthly average since June 2014.