The world wheat market has experienced its first meaningful correction of the bull market as price digests record large Australian production, and slightly higher than expected crop sizes in Russia, Europe, and Canada. The extra supply is nothing more than a nuance. ARC maintains a bullish wheat outlook that’s centered on rising global trade and…
Ukrainian production was raised 2 MMTs, as expected, but it remains that the loss of just 5-6 MMTs of South American production triggers record low world exporter stocks/use in 21/22 – just 3% of combined Brazilian & Argentine production. ARC notes that the growing season in Argentina is just beginning as the late planted crop…
US pork exports in October rose to a four-month high of 541 Mil Lbs, but were 8% less than last year. Again, the largest decline in exports was to China, with exports falling to a 30 month low of 50 Mil Lbs, while cumulative exports were just 61% of a year ago. The Chinese export…
The December International Trade Report showed US soybean exports in October amounted to 386 million bushels. This was 42 Mil Bu less than last year’s record-large October rate, but still the 2nd largest on record. The surprise in the data was that the Census Bureau’s count on exports was 8.4 Mil Bu less than the…
Total US cropped area excluding hay, has failed to exceed 260 million acres since 2014. And even during 2012-2014, total US cropped area was capped at 264 Mil acres. This begs the question of whether arable land in the US has peaked? Peak US farmland would be a big deal for commodity markets and land…
