AgResource estimates June 1 US corn stocks at 4,034 Mil Bu, down roughly 1.0 billion from last year. US industrial corn use recovered from recent quarters as US consumers returned to their love affair with driving post covid. March-May export shipments are calculated at a record 1,058 Mil Bu. Recall FGIS inspections this year have…
The June NOPA crush report leaned slightly bearish. NOPA reported that its membership processed 163.5 Mil Bu of soybeans in May. The figure was 1.5 Mil Bu below expectations and was 6 Mil Bu less than a year ago. This marked the 4th consecutive monthly crush total that fell short of last year. Much of…
The US’s total spring wheat crop is suffering not only in the Dakotas but also across the whole of the Pacific Northwest. Only Minnesota has fared reasonably well, but that state only accounts for 12% of US seeded area based on NASS’s intentions report. Ratings in Idaho this week are 28% good/excellent, vs. 74% a…
US old crop soybean exports have slowed to a crawl in recent months as world demand has shifted to Brazil. But until recently, new sales were accruing at a rate of 2-4 Mil Bu per week, and exports have held from 10-12 Mil Bu per week since April. To date, there have not been any…
Additionally, WASDE confirmed that the world’s cupboard has been run bare. Brazilian production was lowered to 98.5 MMTs vs. 102 previously. This along with enlarged US industrial use and higher global trade pulled 20/21 exporter corn stocks/use to 5.7% – a record low. Assuming record yield in the US and a record crop in Brazil…
