Argentine soybean crush rates are the 3rd best on record. Strong global prices resulted in active farm selling during harvest and high global soy product values supported domestic crush rates. As a result, the April-May Argentine soybean crush was 8.5 MMTs, 110% of a year ago – the largest in 4 years. Commercial Argentine soybean…
June 1st US corn stocks totaled 4,112 Mil Bu, which implies feed/residual disappearance of 882 Mil. This is down 11% from last year, but cumulative Sep-May feed/resid use sits at 5,059 Mil Bu, up 2% year-over-year. Recall USDA’s annual feed/resid forecast is down 3% year-over-year. USDA is fully expected to raise its annual feed/residual use…
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…
