AgResource Hog Comment and Analysis
Hogs Mark Another Day of Strong Gains: CME hog futures gapped sharply higher at the open, but closed well off the early morning high. However, Oct-Feb contracts were still $2-3 higher at the close. The USDA made modest adjustments to quarterly pork production estimates, but the revisions were lower for the 2nd consecutive month. 3rd…
AgResource Analysis of September USDA Reports
Major exporter production was raised a net 4.2 MMTs to 388 MMTs. Production was lifted in Australia, Canada and Europe. This was only partially offset by downgrades in Argentina and Ukraine. Russian production was left unchanged, but USDA is expected to eventually raise Russian production 2-4 MMTs to 80-82 MMTs. There will be no shortage…
AgResource Analysis of September USDA Reports
The USDA’s US wheat balance sheet was untouched. Final production will be updated in NASS’s Small Grains Summary at the end of the month. US export sales remain above last year but pace analysis suggests there’s no reason to alter this forecast as of now. Additionally, the coming massive boost in Australian supplies will strip…