AgResource Hog Comment and Analysis
Hog Futures Rally Following Inventory Report: Early selling in the hog market uncovered strong demand, which carried hog futures higher into the close on Monday. December marked the best gain and gained $2.75, closing above the all major moving averages for the first time since mid-July. The CME Lean Hog Index gained $.62 to $55.34…
Analysis of NASS’s Sep Stocks Report
It also remains that US SRW supply & demand will be the tightest of the major wheat classes. Using NASS’s final production numbers, ARC pegs SRW stocks/use in 2019/20 at 34% vs. USDA’s 37%. This is the lowest SRW stocks/use since 2013. HRW stocks/use is projected at 55%, vs. USDA’s 52%, on lower domestic feed…
Analysis of NASS’s Sep Stocks Report
ARC’s updated US wheat balance sheet is attached. Annual feed use has been lowered to 135 Mil Bu, vs. USDA’s projected 170 Mil. ARC also maintains an annual US wheat export figure of 950 Mil Bu, vs. USDA’s 975 Mil Bu, on sizable and prolonged fob premiums to EU and Black Sea origin. Russian fob…