The December Hogs & Pigs Report is viewed as supportive for CME futures as market hog and breeding inventories fell short of expectations. Much of this is due to major revisions that NASS made to inventory and pig crop estimates from March 2019 through September 2020. As expected, the September market hog inventory was lowered…
AgResource estimates US soybean stocks as of December 1st at 2,842 Mil Bu, a 416 Mil Bu (13%) decline from a year ago. This would also be the smallest Dec 1 stocks figure in 5 years, and the 2nd consecutive year of falling stocks. This has not happened since 2008. The quarterly soybean supply is…
AgResource estimates Dec 1 US wheat stocks at 1,646 Mil Bu, down 155 Mil Bu from last year, the lowest since 2014. Total Sep-Nov disappearance of 498 Mil is down 30 Mil from last year amid weaker projected feed use and unchanged exports. Yet, the attached table shows that US wheat inventories continue to erode…
The December Cattle on Feed Report is viewed as neutral for CME cattle trade on Monday. November placements were near expectations, while the marketing rate at 98% of a year ago aligned with the slaughter data. The December 1st feedlot inventory was just 5,000 head larger than a year ago. While there were no significant…
NASS has likely completed their survey hog producers for the December Hogs & Pigs report that will be released next week. While profitability returned to the industry in October and November, the sow slaughter rate continues to suggest that herd liquidation has continued during the 4th quarter. The weekly slaughter reports show a total Sep-Nov…
