AgResource Ag Investment Trades
Oct WASDE corn data leans slightly bearish as NASS’s updated production forecast exceeded the average trade estimate by 70 Mil Bu, which followed the expected 49 Mil Bu hike in carryover. New crop stocks were lifted to 1,500 Mil Bu and stocks/use of 10% will keep Dec CBT corn bound to a range of $5.15-5.45…
In the global oilseed balance sheet, the estimate for world production was lowered by 717,000 MTs. Argentine production was reduced by 1 MMTs to 51 MMTs on the reduced harvested area. However, that decline was more than offset by a 2 MMT increase in US production. Total world soybean production is forecast at 385 MMTs…
Notice that new crop stocks erode further if acreage expansion is discourage by soaring input costs or regional shortages of fertilizer next spring/summer. The risk of extreme balance sheet tightness is intact. Record global demand is also a near certainty amid elevated energy prices and per-capita global income. As a reminder, old crop corn exporter…
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