Stats Canada seedings data reveals that the spring rally in grain prices did not materially change total planted area. Final Canadian wheat area was 9.49 Mil HA, down 15,000 HA April. The ’21 Canola area is pegged at 9.1 Mil HA, up 384,000 from April. Total cropped area at 26.89 Mil HA is up only…
US old and new crop corn balance sheets will be redone following the NASS report on Wednesday. The pace of Mar-May feed/residual disappearance will determine whether the USDA’s low-ball 5,700 Mil Bu annual feed/resid forecast is correct – or whether it must be raised 100-200 Mil Bu to be better aligned with last year. And…
The June Cattle on Feed report is mildly supportive for CME cattle futures on Monday. All the key figures were near pre-report estimates. However, the May placement rate was slightly less than expectations, and the June 1st feedlot inventory was fractionally under the average trade estimate. The cattle on feed total of 11.7 Mil head…
The June Hogs & Pigs report was neutral relative to trade estimates and is not likely to provoke much of a response in CME futures on Friday. If anything, the lack of a bearish surprise could offer support following the recent collapse in CME values. The report showed the June 1st US All Hogs and…
The erosion in US spring wheat crop health has crossed the threshold of worrying only about high protein supply. Yield loss is now expected to be great enough that a sizable decline in US all-wheat production will accelerate the multiyear contraction in US stocks. The graphic below displays the correlation between good/excellent ratings on July…
