WASDE did well to cut Brazil’s total corn crop 6 MMTS to 87 MMTs. Another 3-4 MMT trimming is probable in September. However, the USDA raised Ukrainian production to a new record 39 MMTs and raised Russian production 2.6 MMTS (20%) to a record 16.5 MMTs. Black Sea corn production of 55.5 MMTS would exceed…
The USDA in its July had simply started the process of reducing Canadian major crop production and exports. Much bigger cuts to both lie ahead. USDA may choose to wait for Stats Canada to release its first semi-objective production data in late August, but there’s no doubt that historic yield loss has occurred across the…
CONAB knifed Brazil’s safrinha (winter) corn yield by 6% and pegged total Brazilian corn production at 86.7 MMTs. This compares to 93.4 MMTs in July and compares to the USDA’s current estimate of 93 million. CONAB’s move this month catches the bulk of yield loss there but following recent frost/snow events in far Southern Brazil,…
AgResource has lowered its US corn yield estimate to 175 BPA vs. 177 previously. There are no major changes month-over-month, but yields have been trimmed further across the Plains, while the return of heat and dryness to KS and NE is worrisome. Recall 40% of NE’s crop is not irrigated. Private crop estimates prior to…
US pork exports in June plunged as wholesale pork values pushed to historic highs. Compared to May, US exports were off 18%, but compared to a year ago, the export rate was 9% larger and record large for the month. Noticeable in the table above is the steep decline in exports to China, which…
