AgResource has reduced US all-wheat production in 2021 to just 1,700 million bushels, vs. USDA’s July forecast of 1,743 million. Following two months of HRW/SRW yield hikes, additional boosts to winter production are not anticipated. Accurately accounting for spring wheat abandonment alone reduces the US crop size by 25 million bushels. AgResource also anticipates a…
USDA in its July Crop Report & WASDE releases started the process of tightening US spring wheat supply/stocks. However, additional tightening is expected in coming WASDE reports in August and September. Like corn, additional production loss will be a function of larger abandonment and modest reductions to yield. AgResource also views the USDA’s HRS import…
As the 2021/22 growing season passes the halfway point, market focus in recent weeks has primarily been directed towards extended-range weather forecasts. Forecasted rains have topped the market and forecast heat/dryness have offered long-term support. The market has been completely enamored with weather and yield potential. Domestic and export use has gotten little attention, especially…
AgResource maintains a bullish US/global corn market outlook based on demand – not supply. Yet, current tight stocks issues will not be solved in just one crop year. AgResource’s bullish corn outlook is based on record demand, its supply that determines the timing of a rationing rally. As for supply, extreme drought across the Dakotas…
The July Cattle on Feed report lacked a bearish surprise (relative to estimates) for the cattle market and will be supportive for Monday’s trade. The June placement rate was 93% of last year versus estimates of 96%, or a difference of about 54,000 head. This put the July 1 on feed figure 34,000 head below…
