U.S. Medium-range Forecast: Not Quite As Warm
Warm early autumn continues.
China Excludes Some US Goods from Additional Tariffs – Pork and Soybeans; Trump Optimistic on New Biofuel Package; US Weather Shows No Frost/Freeze
** AgResource Farm Marketing Advice for Friday: 1/ Corn Producers: Sell 20% of the 2021 corn crop at $4.26 basis Dec 2021 corn futures. This would price 60% of the 2021 corn crop. ** 6:30 AM CDT CBOT Prices: November soybeans are up 2.5 cents at $8.98, Dec corn is up 1.0 cent at $3.6825…
AgResource Analysis of September USDA Reports
An October/November Rally Sparks New Sales Opportunity: The USDA September Crop Report did not offer any bearish surprises and CBOT values rallied on fund short covering. The rally was the most robust in soybeans as China returned to the US market for as much as 5 MMTs. However, China’s return for US soybeans will not…
AgResource Analysis of September USDA Reports
The USDA’s US corn balance sheet met trade expectations. New crop yield was lowered a modest 1.3 BPA via reduced populations and a 5% decline in ear weight relative to 2018/19. A further decline in yield is expected in NASS’s October release. Yet, the US corn market will remain more than adequately supplied amid negative…
AgResource Analysis of September USDA Reports
It’ll simply be difficult for the US to maintain 30-31% of world market share amid cheap and abundant non-US feedgrains. The attached graphic shows the world’s non-US exportable corn surplus. This surplus in 2019/20 is projected at 102 MMTs, just 3 MMTs shy of 2018’s record. Note that new crop US export commitments are down…
