AgResource Hog Comment and Analysis
CME Hogs Rebound in Quiet Trade: Futures closed higher on Tuesday, with summer hog contracts finding support from the still higher CME hog index. The index was down $1.25 at $65.75 but is estimated $.06 higher for Wednesday. The May WASDE report provided another month of significant changes in the pork S&D’s. The USDA made…
AgResource Analysis of May USDA Reports
World wheat production in 20/21 is projected at a record 768 MMTs from the prior year. Total domestic consumption is forecast to rise just 3.4 MMTs. Along with carryin supply of 295 MMTs, the world wheat balance sheet will loosen further in 2020 without major supply dislocation. World wheat stocks are forecast to be a…
AgResource Analysis of May USDA Reports
The USDA’s all-wheat US balance sheet features only modest stocks contraction. Total US wheat production is pegged at 1,866 Mil Bu. USDA also expects the US to lose world market share amid production boosts in Argentina, Australia and Russia. Note that US exporters this season have benefited modestly from the loss of Aussie shipments to…