Commodities (Business & Shipping)

The firm writes that BWET is the world’s first ETF designed to provide long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil.

Geopolitical tensions have impacted oil flows and shifted traditional routes, the firm says, adding increasing demand and evolving environmental regulations will continue to impact the cost of transporting crude oil worldwide, creating a unique investment opportunity for the years to come. The firm says that BWET provides investors with direct exposure to crude oil freight futures with the simplicity of trading an ETF.

Oil tanker shipping futures ETF launched - ETF Express

Breakwave Advisors, in partnership with ETF Managers Group (ETFMG), has announced that the Breakwave Tanker Shipping ETF (NYSE Arca: BWET) will begin trading today on the New York Stock Exchange.
etfexpress.com etfexpress.com
 

March beef exports decline, pork makes huge jump: Weekly Livestock Market Update for 5/5/23​

May 5, 2023


14:25

Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines. ----- -

-This week in the markets – Live-fed cattle prices were down $4.60 on the week, while feeder cattle prices were mostly steady this week. June live cattle were down $3.50 on the week. August feeder cattle were down nearly $9.00 on the week. Choice box beef was up $0.22 this week, $51 above year-ago levels. Cash hogs were up $1.80 this week. June lean hog futures were down $8.15 on the week. Pork cutout values were up $1.90 this week.

- Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 623,000 head, down 1,000 on the week and down 38,000 for the year. Hog slaughter was 2.447 million head, that’s up 60,000 from the previous week and up 42,000 on the year. Year-to-date cattle slaughter is down 3.3%, while hog slaughter is up 1.6%

- Monthly Trade Data – March 2023 beef exports totaled 286 million pounds, down 18 million pounds from one year ago. Pork exports for March 2023 totaled 608 million pounds, 64 million pounds above one year ago. All major destinations showed higher pork trade in March relative to last year.

- Jobs Report – The jobs report showed 253,000 jobs were added in April, exceeding pre-report estimates of 180,000 jobs. The unemployment rate was 3.4% and average hourly wages stood 4.4% above a year ago.

- Next week’s reports – Supply and Demand, Retail Prices and Consumer Sentiment
 

What Happens If Russia Withdraws From the United Nation Black Sea Grain Initiative?​

May 9, 2023


18:01

In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses the implications if Russia withdraws from the Black Sea Grain Initiative on May 18, 2023.

00:00 Introduction
00:56 Background on Black Sea Grain Initiative
08:04 What will happen if Russia blocks Black Sea grain ships?
14:07 What Happens to Ukraine & the Black Sea?

- Black Sea Grain Deal Ship Inspections Halted as Russian Deadline Looms https://gcaptain.com/black-sea-grain-...
- What Happens if Russia Abandons the Black Sea Grain Deal? https://gcaptain.com/what-happens-if-...
- Ukraine Says Russia Has Effectively Stopped Black Sea Grain Deal https://gcaptain.com/ukraine-says-rus...
- Black Sea Grain Initiative Joint Coordination Centre https://www.un.org/en/black-sea-grain...
- What will happen if Russia blocks Black Sea grain ships? https://www.freightwaves.com/news/wha...
- The War Lords and the Gallipoli Disaster: How Globalized Trade Led Britain to Its Worst Defeat of the First World War https://global.oup.com/academic/produ...
- Oceans of Grain: How American Wheat Remade the World https://www.hachettebookgroup.com/tit...
 

Midwest planting ahead of pace: Weekly Commodity Market Update for 5/9/23​

May 9, 2023


15:58

Market recap (changes on week):
- July corn up $.12 at $5.96
- December 2023 corn up $.04 at $5.29
- July soybeans up $.06 at $14.33
- November soybeans down $.03 at $12.72
- July soybean oil up 1.84 cents at $53.65
- July soybean meal down $6.70 at $426.90/short ton
- July wheat up $.36 at $6.54
- June WTI Crude Oil down $2.87 at $72.74/barrel

Weekly highlights:
- The surge in US gasoline demand was rather short lived. After increasing 12% the week before- gasoline demand fell back down 9%. Energy stocks were down across the board outside gasoline that rose on the lower demand
- US ethanol production was slightly up on the week (+3 million gallons) however corn used for ethanol continues to lag the pace needed.
- The Federal Reserve did increase their short-term rate another quarter point as expected last week. The range is 5-5.25% right now.
- It was another bearish week for US corn sales as they came in net negative for an April week for the first time in 20 years. China canceled 22 million bushels on the week. All other commodities were within expectations. bearish
- Open interest positions were mixed on the week: wheats (flat), corn (+3.2%), soybeans (-2.3%), soybean oil +2.6%), Soybean meal (-1.9%), Cotton (+1.5%) and rough rice (-2%).
- Managed money holdings of futures and options positions were also largely down across the board (wheats being the exception) headlined with corn down 102,849 net positions. Soybeans shed 30,835 positions and soybean meal down 25,816 net positions.
- US grain export inspections were on the lower end of expectations and bearish for corn with the seasonal deficit on old crop exports continuing to grow.
- USDA’s crop progress report showed 49% of the nation’s corn planted- up 23% from last week and above the 5-year average for this time of the year. Corn planting is just about done in Missouri (92%) compared to Dakota’s where planting hasn’t really started.
- 35% of the soybean crop planted- up 16% on the week and above average of 21% for this time of year.
- Conditions for winter wheats increased in the Pacific northwest while largely falling across the plains. The full composite conditions index which accounts for all ratings fell just slightly.

Topics:
- Market recap
- Black Sea trade corridor negotiations
- Corn and soybean planting
- Fed continues rate hike
- USDA May supply and demand preview
- Reports to watch
 
From the link:

The idea that commodity markets can only yield short-term gains isn’t entirely accurate. During a commodities supercycle, investors can still expect long-term gains of a similar nature, and volatility, to equities.

What Are Commodity Supercycles?

A “commodity supercycle” is commonly described as a period of consistent and sustained price increases lasting more than five years, and in some cases, decades. The Bank of Canada defines it as an “extended period during which commodity prices are well above or below their long-run trend.”

Supercycles occur because of the long lag between commodity price signals and changes in supply. While each commodity is different, the following is a rundown of a typical boom-bust cycle:

As economies grow, so does the demand for commodities, and eventually the demand would outstrip supply. That leads to rising commodity prices, but the commodity producers don’t initially respond to the higher prices because they’re unsure whether they will last. As a result, the gap between demand and supply continues to widen, keeping upward pressure on prices.

Eventually, prices get so attractive that producers respond by making additional investments to boost supply, narrowing the supply and demand gap. High prices continue to encourage investment until finally, supply overtakes demand, pushing prices down. But even as prices fall, supply continues to rise as investments made during the boom years bear fruit. Shortages turn to gluts and commodities enter the bearish part of the cycle.

goldseek.com

All Signs Point to the Early Stages of a New “Commodity Supercycle”

Here in the West, it isn’t only that we have failed to maintain mining and oil investments. We have also put roadblocks in the way of mining...
goldseek.com goldseek.com
 
A 111-year-old Dutch coastal trader returned to the sea in a new commercial sail cargo operation. The De Tukker, operated by Dutch startup Eco Clipper, is a prototype and part of a growing niche sail cargo operation launched to highlight eco-friendly shipping. Departing Amsterdam earlier today, the company reports De Tukker is handling well and is currently crossing the Bay of Biscay.

maritime-executive.com

Historic 111-Year-Old Coastal Trader Returns to Sea as Sail Cargo Ship

A 111-year-old Dutch coastal trader returned to the sea in a new commercial sail cargo operation. The De Tukker, operated by Dutch startup Eco Clipper...
maritime-executive.com maritime-executive.com
 

Weekly Livestock Market Update for May 12, 2023​

May 12, 2023


15:51

* * This week in the markets – Live fed cattle prices were unchanged on the week, while feeder cattle prices were mostly steady to $3.00 higher this week. June live cattle were up $2.40 on the week. August feeder cattle were up nearly $7.25 on the week. Choice box beef was down $2.40 this week. Cash hogs were up $0.75 this week. June lean hog futures were up $0.60 on the week. Pork cutout values were up $1.65 this week on strength in ham prices.

* Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 646,000 head, up 23,000 on the week and down 5,000 for the year. Hog slaughter was 2.375 million head, that’s down 72,000 from the previous week and up 12,000 on the year. Year-to-date cattle slaughter is down 3.1%, while hog slaughter is up 1.5%

* Retail Prices – The April 2023 choice beef retail beef price was $7.85 per pound, up 2.8% from March on stronger ground beef prices. The April 2023 retail pork price was $4.73 per pound, down 0.6% from the March level. Both beef and pork retail prices remain 25% above their April 2019 level.

* WASDE – 2023 barrow and gilt prices were reduced by $4.50 per cwt in the April WASDE relative to last month. 2023 fed cattle prices were increased by $1.50 per cwt this month in the report. This was the first month WASDE provided 2024 estimates and they show another 2 billion decline in beef production in 2024. The 2023/24 corn price estimate is $4.80 per bushel.

* Consumer Sentiment – The May 2023 consumer sentiment estimate showed a 9.1% decline relative to last month. The expectations component showed the largest decline as consumers are worried about an economic downturn.

* Next week’s reports – Cattle on Feed
 
From the link:

Companies are learning to think outside the mine to lock down raw materials for the energy transition, invest in metal extraction from oil and wastewater, and push boundaries on recycling.

Without new resources, the shift to cleaner energy could stall within the next five years, the Society for Mining, Metallurgy and Exploration (SME) warned in a March 21 report. For example, according to S&P Global Commodity Insights, lithium chemical consumption is forecast to exceed supply annually between 2024 and 2027. For copper, Commodity Insights analysts expect the balance of refined copper supply and demand to tilt from a surplus to a deficit of 160,000 metric tons by 2027.

www.spglobal.com

Companies thinking outside the mine for energy transition materials

Growing demand for the raw materials that go into energy transition technologies, such as electric vehicle batteries, has some companies looking beyond new mining activity to collect those resources.
www.spglobal.com www.spglobal.com

**Note: You may have to register to read the article. Registration is free.
 

Iran Seized Third Tanker - Purity - while US Navy Aims to Increase Presence in Strait of Hormuz​

May 15, 2023


12:41

In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses Iran's seizure of a third tanker (Purity), places the previous two tanker seizures into context and discusses the US reaction.

00:00 Introduction
00:39 Seizure of tanker Purity
03:41 First seizure - Suez Rajan by US, Advantage Sweet by Iran
06:35 Second Seizure - Niovi
07:45 US Response - Drones & MARITIME ACT
10:55 Conclusion

- Iran claims another tanker seizure as US Navy set to increase presence in Strait of Hormuz https://lloydslist.maritimeintelligen...
- US Will Bolster Posture in Persian Gulf as Iran Seizes Third Tanker https://maritime-executive.com/articl...
- My Ship Tracker - Purity https://www.myshiptracking.com/vessel...
- US Confiscation of Iranian Oil Cargo Preceded ‘Advantage Sweet’ Tanker Seizure https://gcaptain.com/us-confiscation-...
- Iran Releases Video of ‘Advantage Sweet’ Boarding in Gulf of Oman https://gcaptain.com/iran-releases-vi...
- Iran Seizes Another Tanker in Strait of Hormuz https://gcaptain.com/iran-seizes-anot...
- Seized tanker Niovi was part of legal dispute with sanctioned entities over suspected Iranian cargo https://lloydslist.maritimeintelligen...
- US Planning More ‘Robots at Sea’ In Middle East To Combat Iran https://gcaptain.com/us-planning-more...
- Iran Busted Trying To Steal U.S. Navy Sea Drone https://gcaptain.com/iran-busted-tryi...
- MARITIME Act of 2023 https://www.congress.gov/bill/118th-c...
 

U.S. nearing debt default: Weekly Commodity Market Update for 5/16/23​

May 16, 2023


11:51

This week, Will and Ben dive into the U.S. nearing debt default.

Market recap (changes on week):
- July corn down $.04 at $5.92
- December 2023 corn down $.14 at $5.15
- July soybeans down $.33 at $14.00
- November soybeans down $.41 at $12.31
- July soybean oil down nearly 4 cents at 49.69 cents/lb
- July soybean meal up $4.00 at $430.90/short ton
- July wheat up $.06 at $6.60
- June WTI Crude Oil down nearly $2.00 at $71.17/barrel

Weekly highlights:
- Weekly US gasoline demand has had a couple up and down weeks but has generally showed strength lately. For the most recent week of data- US demand was up 8% week over week and above last year and the 5-year average. US crude oil stocks were up while gasoline, distillate fuels, and ethanol stocks were all down on the week.
- US ethanol production was down 3 million gallons on the week and below the volumes the same week last year and the 5-year average. Corn used for ethanol continues to lag the pace needed to hit USDA’s target.
- The bearish export sales news continues again this week. After corn sales were negative last week, they were up slightly this week but well below normal volumes. Soybean sales were bearish at 2.3 million bushels falling below all pre-report expectations. For wheat, reported sales less than a million bushels was the second lowest volume of the marketing year.
- Open interest futures and options positions were up across the board last week: Chicago Wheats (up just slightly), Corn (+3.7%), Soybeans (+4.0%), Soybean oil (+3.8%), Soybean meal (+5.9%), Cotton (+2.7%), and Rough Rice (+11.1%)
- Managed money holdings of futures and options positions were mixed with Chicago wheats shedding 15,481 contracts to move back into a net short position, corn bought back 8,503 positions after shedding 100,000 plus the week before and soybeans shed some more positions.
- US agricultural export inspections were mixed on the week. For corn, wheats, and grain sorghum weekly volumes were up week over week but below the monthly average. Soybean shipments were bearish falling below all pre-report expectations.
- The National Oilseed Processors Association April crush report showed a new soybean crush record for the month of April at 173.2 million bushels, but was a little bearish to the soybean market led by burdensome soybean oil stocks.
- USDA’s crop progress report showed 65% of the nation’s corn planted- up 16% from last week and ahead of the 5-year average for this time of the year.
- 49% of the soybean crop planted- up 14% on the week and above average of 36% for this time of year.
- There as been a lot of talk about late planted corn and soybeans in the upper plains but only 40% of the spring wheat has been planted- well behind the average of 57%.
- Winter wheat conditions as a whole were a little better than last week but the good to excellent combined rating was flat at 29%.

Topics:
- Market recap
- Fuel demand
- Export update
- U.S. loans near default
- Corn and soybean planting
- Global wheat tightness
- Reports to watch
 

A day in the life of a honeybee trucker​

About 75% of crops and one-third of the global food supply rely on pollinators such as honeybees, according to Our World in Data.

But farmers have to rely on commercially managed honeybees trucked in from other states to help pollinate certain crops, such as almonds, because there aren’t enough wild bees to do the job. And trucking bees hundreds or thousands of miles is not simple.

Loading up honeybees almost always happens at night because bees are less active when it’s dark and cooler outside, Earl Warren told FreightWaves.

Earl and Merle Warren are brothers, truck drivers and co-owners of Star’s Ferry Transport, based in Burley, Idaho. They started hauling bees for a local beekeeper in 1990 and moved about 50 loads of approximately 22 million bees each last year for companies such as Browning’s Honey Co.

More:

www.freightwaves.com

A day in the life of a honeybee trucker

A truck driver, beekeeper and bee expert lay out the challenges of trucking honeybees across the country for pollination.
www.freightwaves.com www.freightwaves.com
 

How LNG shipping kept Europe’s wartime energy supply secure​

A year ago, an armada of ships came to Europe’s aid, bringing U.S.-produced liquefied natural gas to replace Russian pipeline gas supplies lost in the wake of the war. The outlook for the coming winter was dire despite the surge of American LNG cargoes — then it grew even worse.

A fire and explosion took Texas’ Freeport LNG facility offline last June, removing a major U.S. export source. The price of natural gas in Europe hit $100 per million British thermal units (MMBtu) in late August, the equivalent of $600-per-barrel oil.

Then someone blew up the Nord Stream pipelines in September, severing Europe’s largest remaining supply of Russian gas. By November, LNG carriers were earning spot rates of $400,000-$500,000 per day — more than any other commercial cargo vessels had in history.

Fast-forward to today. Europe’s natural gas situation is vastly improved, despite receiving far less Russian gas than in 2022.

More:

www.freightwaves.com

How LNG shipping kept Europe’s wartime energy supply secure

Europe faced a potentially disastrous energy shortage after war broke out. LNG shipping played a vital role in limiting the fallout.
www.freightwaves.com www.freightwaves.com
 

Trucking's story is America's story, so tell it, says ATA's Spear​


LITTLE ROCK, Arkansas—Trucking has a compelling story to tell, but it's critical that industry voices tell that story using "truth and data" rather than "rhetoric and emotion" to win policy battles at the federal and state levels, American Trucking Associations President and CEO Chris Spear explained here Wednesday.

"Common sense matters, and I think that resonates with both sides of the aisle," Spear said in an address at the 2023 Arkansas Trucking Association Conference & Vendor Showcase. "Why does trucking matter? There are so many issues that this industry touches that are just as important to everyday Americans as they are for trucking. So telling our story from that perspective really disarms our opponents."

The problem, however, is that it's increasingly a challenge to get lawmakers to focus on actually making laws. Noting that his appearance here was his fourth since taking the helm at ATA, Spear recalled that with each visit he suggested the divisiveness couldn't get any worse—yet it has.

More:

 
National Maritime Day, today, May 22, has come and gone over the years with little fanfare. The critical importance of our national maritime capability — both military and domestic — often is not fully appreciated, as it is easy to take for granted the seamless movement of goods and our military strength. Yet this National Maritime Day occurs in the face of increasing international tensions and should remind every American that our status as a maritime nation is a major source of our economic prosperity, security, and resilience.

gcaptain.com

National Maritime Day Opinion: U.S. Must Maintain its Merchant Marine Fleet to Protect Our Sovereignty

By Mike Stevens (Editorial) National Maritime Day, today, May 22, has come and gone over the years with little fanfare. The critical importance of our national maritime capability — both...
gcaptain.com gcaptain.com
 

Free money for shipping has ended, but banks remain enchanted​

By: AJOT | May 22 2023 at 12:26 PM | Maritime

Executive summary:
  • Shipping finance markets remain wide open this year
  • Banks are looking to grow their portfolios and are highly competitive with each other in offering the best terms
  • Fierce competition between lenders to finance tankers benefits shipowners
  • Finance remains available in the declining dry bulk and container markets
 
Former employees and truck drivers for FreightWorks LLC claim the Rutherfordton, North Carolina-based truckload carrier violated federal law by failing to give a 60-day advance notice of a planned shutdown before firing nearly 200 workers on March 6.

The two named class representatives, Martin Oshea and Misty Chapman, along with 18 named plaintiffs, filed a 17-page amended class action complaint against FreightWorks LLC and its nine entities on May 15, nearly two months after initially filing suit against the trucking company and its entities on March 23.

The plaintiffs claim to have been laid off without cause amid a “mass layoff and/or plant closing” as defined in the Worker Adjustment and Retraining Notification (WARN) Act.

www.freightwaves.com

Former employees sue NC-based trucking firm over mass firing

Former employees and truck drivers for FreightWorks LLC claim the Rutherfordton, North Carolina-based truckload carrier violated federal law by failing to give a 60-day advance notice of a planned shutdown before firing nearly 200 workers on March 6.
www.freightwaves.com www.freightwaves.com
 

U.S. planting well ahead: Weekly Commodity Market Update for 5/23/23​

May 23, 2023


13:55

This week, Will and Ben check up on planting progress.

-----Market recap (changes on week):
- July corn down $.21 at $5.71
- December 2023 corn down $.06 at $5.09
- July soybeans down $.59 at $14.41- November soybeans down $.34 at $11.97
- July soybean oil down less than 1 cent at 48.77 cents/lb
- July soybean meal down $18.70 at $412.20/short ton
- July 2023 wheat down $.54 at $6.06
- July 2024 wheat down $.42 at $6.61
- June WTI Crude Oil up $.88 at $72.05/barrel

Weekly highlights:
- US gasoline demand was down 4% week over week and down 1% compared to this same week last year. Stocks of crude oil minus the strategic petroleum reserve increased, while gasoline stocks were down, and distillate and ethanol stocks were basically flat.
- US ethanol production increased 6 million gallons last week and used roughly 97.8 million bushels of corn. The volume was down from last year and the 5-year average.
- The Black Sea Grain Initiative was officially renewed for another 60 days putting some bearish pressure on US cash prices.
- US Ag Export sales last week were rather disappointing to old crop markets- net cancelations of corn, milo, and wheats while soybeans were at the bottom end of the trader expectations. Wheat sales were bearish falling below all expectations.
- US agricultural export inspections last week were steady to bullish with corn on the top end of expectations and wheats exceeding all pre-report expectations. Soybeans were down week over week and on the lower end of pre-report expectations.
- Open interest futures and options positions were up across the board last week for the second week in a row: Chicago Wheats (up just slightly), Corn (+4.4%), Soybeans (+6.9%), Soybean oil (+10.0%), Soybean meal (+3.6%), Cotton (+5.0%), and Rough Rice (+5.0%)
- Managed money holdings of futures and options positions were mixed with Chicago wheats shedding another 10,275 contracts following 15,481 contracts last week. Corn bought back 17,658 but still maintain a net short position. Soybeans shed some more positions, down 24,517 to shrink their net long.
- Friday’s USDA Cattle on Feed Report reported 11.6 million head or 97% on feed as of May 1 which was just a smidge higher than the pre-report estimates of 96.7%. Slightly higher April placements led to the higher than expected cattle on feed number.
- USDA’s crop progress report showed 81% of the nation’s corn planted- up another 16% from last week and ahead of the 5-year average for this time of the year.
- 66% of the soybean crop planted- up 17% on the week and above average of 52% for this time of year.
- Spring wheat planting is starting to catch up at 64% of the spring wheat has been planted- behind the average of 73%. I wonder how much of this is planting and how much is farmers deciding to switch crops or take prevent plant.
- Winter wheat conditions as a whole were a little better than last week with the good to excellent combined rating up 25 to 31%.

Topics:
- Market recap
- Corn and soybean planting
- Fuel demand
- Export update
- Black Sea corridor extended
- Wheat condition
- Reports to watch
 

Russia Planning Year-Round Navigation of the Northern Sea Route (aka Polar Express) in Early 2024​

May 25, 2023

10:15

In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses the announcement by Russia's state nuclear energy corporation and largest natural gas producer along with Vladimir Putin, to open up the eastern portion of the Northern Sea Route in early 2024.

Russia Planning Year-Round Navigation of the Northern Sea Route in Early 2024https://gcaptain.com/russia-planing-y...
 
LONDON/NEW DELHI, May 25 (Reuters) - Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters.

It is the latest setback for Gatik, which was also been forced to find new flags for 36 of its ships after they were deflagged by the St. Kitts & Nevis International Ship Registry.

www.reuters.com

Exclusive: Lloyd's Register drops ships of top Indian carrier of Russian oil

Lloyd's Register has told India's Gatik Ship Management, which has become a major carrier of Russian oil since the Ukraine war, that it will withdraw certification of 21 of its vessels by June 3, the maritime services company told Reuters.
www.reuters.com www.reuters.com
 

Beef production drops 11% from year-ago levels: Weekly Livestock Market Update for 5/26/23​

May 26, 2023

13:56

Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.

- This week in the markets – Live fed cattle prices were up $3.40 on the week, while feeder cattle prices were $3.00 to $8.00 higher this week. June live cattle were up $1.35 on the week. August feeder cattle were down $1.20 on the week due in part to July corn was up nearly $0.49 on the week. Choice box beef was up $1.55 this week. Cash hogs were unchanged this week. June lean hog futures were down about $6.90 on the week. Pork cutout values were down $1.05 this week.

- Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 625,000 head, down 17,000 on the week and down 16,000 for the year. Hog slaughter was 2.371 million head, that’s down 26,000 from the previous week and up 25,000 on the year. Year-to-date cattle slaughter is down 3.2%, while hog slaughter is up 1.4%

- Cold Storage – April 2023 ending beef stocks totaled 448 million pounds, down 6% from last month. Pork ending stocks were 565 million pounds, up 6% from last month. Pork bellies totaled 81 million pounds, 5% higher than last month.

- Livestock Slaughter – Total cattle slaughtered for April was down 9.6% relative to a year ago. Cattle dressed weights were down 1.7%. April beef production was 11.1% below year-ago levels. Hog slaughter down 3.1% relative to a year ago. Hog dressed weights were down 2 pounds. April pork production was down 3.7% from year-ago levels. Year to date beef production down 4.9% while pork production is up 0.9%

- Next week’s reports – Restaurant Performance Index, Quarterly Trade Outlook, and Jobs Report
 

Panama Canal Draft Restrictions Could Halt Coastal Shift​

May 26, 2023


10.49

In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses the impact of falling water levels on ocean commerce.

- Panama Canal Draft Restrictions Could Halt Coastal Shifthttps://gcaptain.com/panama-canal-dra...
- West Coast Ports Losing 1 Million TEUs Per Year to Eastward Import Shifthttps://gcaptain.com/west-coast-ports...
- The McCown Report - April 2023https://capitallinkshipping.com/wp-co...
- WaterFront Maritime Services https://www.waterfront-ms.com/panama-...
- Panama Canal Authority Gatun Lake Water Levels https://evtms-rpts.pancanal.com/eng/h...
 

Action in the North Atlantic (1943) MOVIE REVIEW - Better Call Sal!​

May 29, 2023


18:36

In this episode, Sal Mercogliano - maritime historian at Campbell University (@campbelledu) and former merchant mariner - reviews the Warner Brothers movie Action in the North Atlantic starring Raymond Massie and Humphrey Bogard.

- Trailer | Action in the North Atlantic | Warner Archive • Trailer | Action ...
- American Merchant Marine at Warhttp://www.usmm.org/
- American Merchant Marine Veteranshttps://ammv.us/
- The United States Merchant Marine at War https://www.maritime.dot.gov/sites/ma..
 

Negative cash flow could be ahead: Weekly Commodity Market Update for 5/30/23​

May 30, 2023


17:49

This week, Will and Ben discuss farmers' financial future.

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
 

Beige Book Comes Out at 1:00 CT; We Should See a Reaction - Ira Epstein's Metals Video 5 30 2023​

May 30, 2023


11:55
 
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