While AgResource forecasts old crop soybean exports at 20 Mil Bu over the USDA, our new crop forecast is 45 Mil Bu over. The table above highlights the current new crop sales pace to major export destinations. The largest sales volume is to China. China was a larger buyer in the first half of the…
Brazilian corn exports have been off to a terribly slow start. Early season drought had the crop stressed at the start of the year, while frost/freeze has repeatedly ravaged crops across several key producing states. The late season freeze has cut yields significantly, and crops that have survived have suffered tremendous quality losses. Tight interior…
Minor feedgrain prices have soared in recent weeks as the same weather plaquing North American spring wheat areas is rapidly negatively impacting barley and oat yield potential. Additionally, US sorghum stocks in 2021/22 will be just 17 million bushels – assuming trend yield – amid lower than expected seedings. New crop sorghum basis bids across…
The USDA projects that 2020/21 exporter corn stocks/use will be a record low at 6.8%. This compares to exporter stocks/use of 7.2-7.8% in 2011-2012, and so fundamental data strongly validates December CBT corn in a range of $5.00-7.50 into expiration. AgResource expects 20/21 exporter stocks/use to drop to 6.2% as additional cuts to Brazilian corn…
US and world wheat markets have entered a new bullish phase! World exporter production is in decline and importers become more active in securing late summer/autumn supply needs. Most concerning has been disappointing early wheat yields in Southern Russia – a region that was supposed to feature massive year-over-year yield gains following last year’s drought.…
