AgResource Hog Comment and Analysis
Hogs End Mostly Lower on Weak Cash and Long-Term Uncertainty: June hogs closed barely higher on Thursday while the rest of the market was in the red. Support in June came from the discount to the cash index ahead of Friday’s expiration. After slashing pork production estimates in May, the USDA gently raised forecasts in…
AgResource Analysis of the June WASDE Report
2020 global wheat stocks were raised to a new all-time record 316 MMTs vs. 310 in May. This is largely a function of a combined production boost of 5.2 MMTs in China & India. World less China stocks were raised 4.5 MMTs. Global figures along with higher than expected US winter production weighed on markets…
AgResource Analysis of the June WASDE Report
As expected, the USDA cut old crop wheat exports 5 Mil Bu to 965 Mil. WASDE incorporated NASS’s larger winter wheat production number. No other changes were made. New crop US wheat stocks were raised 11 Mil Bu to 925 Mil. ARC has no major disagreement with the USDA’s general Supply & Demand table. ARC…