NASS surprised traders on Monday by lowering national GD/EX crop condition ratings. The market was prepared for steady/higher ratings following a week of widespread rain and cooler temps. Instead, conditions slipped 1% to 59% GD/EX. The chart shows that conditions have been below the long-term average for 4 consecutive weeks – and well below last…
AgResource pegs US corn yield as of early July at 175.9 BPA, vs. USDA’s initial 179.5. A lower bias is held moving forward, but the table above shows just how important weather and yield will be across the N Plains and W Midwest to national production moving forward. Crop ratings are above normal across the…
The USDA’s ERS released their carcass weight equivalent meat export calculations for May this morning. Pork exports came in at 688 Mil Lbs, 11% more than a year ago, and a record export rate for May. China’s absence as a major destination is striking in the table above. May exports were just 63% of a…
The International Trade report released Friday morning showed US exporters shipped 46.5 Mil Bu of soybeans in May. The volume was 8.2 Mil more than had been reported in the monthly FGIS grain inspections report. FGIS inspections have missed a record large volume of the total soybean trade this year, which is likely due to…
Argentine soybean crush rates are the 3rd best on record. Strong global prices resulted in active farm selling during harvest and high global soy product values supported domestic crush rates. As a result, the April-May Argentine soybean crush was 8.5 MMTs, 110% of a year ago – the largest in 4 years. Commercial Argentine soybean…
