AgResource estimates Dec 1 US corn stocks at 11,682 Mil Bu, up 355 Mil Bu from last year amid larger production and as Gulf fobbing capacity has been given primarily to soybeans during the harvest. However, total Sep-Dec corn disappearance of 4,750 Mil Bu is the largest on record. Consumption through the balance of the…
Typically changes in the January Crop Report are minimal but 2020 could be a surprise due to acute late season dryness. Since 1980 the soybean yield has changed by an average of 0.3 BPA in the January report. In that time, the largest increase was 0.8 BPA in 1991, and the largest decline of 0.7…
AgResource pegs the final 2020 US corn yield at 174.8 BPA, down 1.0 BPA from the NASS November forecast. The attached graphic shows that once NASS begins trimming corn yield, it typically continues a trend of cutting yield into the final report. Further downgrades are anticipated across the Plains and W Midwest, including IA where…
AgResource’s research suggests that major cuts will be made to South American corn and soybean production in forthcoming monthly USDA reports. Argentine weather is highly concerning as La Nina-based drought looks to persist throughout the entirety of the early planted crop’s growing season. Two-week forecasts released in mid-December were rather accurate. Dec precip across Argentina’s…
US soybean exports in the first two months of the crop year have been record large, with October exports of 420 Mil Bu being the largest 1-month export rate on record. The previous record was set in October 2016 at 410 Mil Bu. Based on the November FGIS monthly Export Inspections report, AgResource estimates a…
