Hay Kings Weekly Update - Falling Container Rates
- Exchange rates continue to dampen demand for agricultural exports. The yen is the weakest it has been, relative to the dollar, since 1998.
Feed Demand After COVID
Yesterday U.S. oil prices crashed. WTI oil futures closed at a staggering negative $40.32 per barrel. What does that mean?
Oil storage is full.
What about international oil prices? They remain unchanged. Brent crude oil closed around $25.41 per barrel. There is a tremendous difference between U.S. oil prices and international oil. Normally, this is an arbitrage opportunity. With COVID disrupting shipping, the U.S. is unable to export oil and close the price gap.
On first blush, agriculture stands to win. Cheaper fuel abounds. However, oil producers able to slow or stop production will do so. When wells stop producing...
Crop Progress Report - PNW
IDAHO: Idaho had a milder winter in the north but cold conditions continued in the eastern region. Benewah and Kootenai Counties reported warming weather—temperatures in the high 40s in the day, freezing temperatures at night. Weather was favorable for calving across the Panhandle. There was above-average snowpack at higher elevations. Fall seeded crops were in good condition in Lewis County. Grass and winter wheat were greening up in Boundary County. Soil was still frozen, so no fieldwork was possible. Most fields in Latah and Nez Perce Counties were...
Trade Specs - Phase One and Timothy
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