AgResource Hog Comment and Analysis
Hogs End Mostly Higher, Cash Index Steady: Hog futures were able to build on Monday’s strength and were mostly higher at the end of Tuesday trade. The exception was the nearby July, which ended near even with the cash index. Early week slaughter is at 103% of last week as packers push plants ahead of…
AgResource 2020 June Stocks & Acreage Analysis
US spring-less-durum acres are estimated at 12.2 Mil Acres, down 390,000 acres from March and down 460,000 from last year. However, ARC notes that abandonment in 2019 was abnormally large. Assuming normal abandonment, spring-less-durum acres will be 11.8 Mil Acres, up 135,000 from last year. US durum seedings were raised to 1.50 Mil Acres, vs.…
AgResource 2020 June Stocks & Acreage Analysis
NASS US wheat data leaned slightly bearish. Final 2019/20 stocks were pegged at 1,043 Mil Bu, 60 Mil Bu higher than projected in the USDA’s June WASDE. ARC calculates Mar-May wheat feed/residual at a negative 90 Mil Bu – the largest negative Mar-May feed number on record. This lowers annual feed use to just 84…