Major exporter corn stocks/use was lowered to 7.9%, vs. 8.7%, due to US balance sheet change as well as token 0.5 MMTs reduction to Argentina’s crop. Chinese imports were left untouched at 24 MMTs, despite China on a known basis having already purchased 23 MMTs from the US. China has physically imported some 5.5 MMTs…
February pork exports were historically large, but were 66 Mil Lbs (10%) less than a year ago. US Food Service restocking has kept prices elevated, which is starting to slow US pork exports. Exports to all major destinations were down from a year ago, with the largest decline being trade to China. However, exports to…
The monthly International Trade Report showed that US exporters shipped out 167.5 Mil Bu of soybeans in February. The figure was a surprising 10 Mil Bu over the monthly FGIS inspections and the largest February export rate in 5 years. Based on the March inspections, AgResource estimates that the March export figure could fall to…
US Ag trade with China normalized and world soybean trade patterns have reverted to prior seasonal trends. US soybean exports to China soared in the first half of the US crop marketing year. The peak in exports was reached in October at 8.49 MMTs, the 2nd highest on record and the most since October 2016.…
The US winter wheat crop is rated at 53% GD/EX, vs. 62% last year and vs. 60% in early April 2019. Once again there is a rather large discrepancy between SRW and HRW crop health, which looks to be exacerbated in the weeks ahead if model forecasts – which are arid across the Plains –…
