The USDA’s January Reports hold a LOT of moving pieces. NASS updates acreage, yield, and production estimates and reports December 1st grain stocks estimates. The WASDE report takes NASS’s production figures and makes any necessary changes to the supply and demand outlooks for the year. The chart plots the historically changes in crop production between…
A hostile drought condition worsens as periods of widespread anomalous heat emerge during summer ahead.
US Wheat Futures Surrender Tuesday Rally: US wheat futures on Tuesday settled 8-14 cents lower, again led by HRW contracts in KC. There was little available to spark the rally, and the market corrected as the world cash market remains stagnant. EU futures ended €.75-1.00/MT ($.02-.03/Bu) lower and US Gulf wheat remains expensive in the…
CBOT Corn Weakens on China Uncertainty, Argentine Rainfall: CBOT corn futures ended lower amid talk that US & Chinese negotiators continue to spar over futures US ag purchases and as South American forecasts remain non-threatening into late January. Overnight rainfall in Cordoba in Central Argentina was much better than expected at .60-2.00”. The afternoon run…
South American Forecast Unchanged; Projected Argentine Rainfall Needed: The South American forecast is unchanged from prior runs and viewed as non-threatening into late November. Better than expected rainfall impacted Central Cordoba in Argentina overnight. Cordoba accounts for 30% of Argentine corn/soy production. However, more is needed and it’s critical that the projected wetter pattern in…
