The NOPA crush report showed an October soybean crush rate of 185 Mil Bu, 8 Mil Bu more than expectations, the largest NOPA crush rate on record. Strong crush margins had processors running facilities at full capacity. The October crush total exceeded the previous record by 4 Mil Bu. The CBOT soybean crush spread averaged…
This morning’s export sales report showed export commitments reached 1,834 Mil Bu, or 1 Bil Bu more than a year ago! With just under 10 months left in the marketing year, US exporters have committed 83% of the USDA’s forecast. 71% of the increase is from Chinese demand, with another 27% in sales to an…
The US wheat balance sheet will be tightening in 2021/22 as consumption outpaces production and old crop carryover stocks drop to a projected 855 Mil Bu – a 6-year low. However, this tightening will be limited to HRW stocks while other class balance sheets loosen. ARC’s update of wheat supply & demand by class also…
World wheat markets since early autumn have rallied in sympathy with row crop markets and as severe dryness remains intact across Southern Russia and the US Southern Plains. The exporter wheat balance sheet has tightened amid the need for elevated feed consumption in Europe. This will keep cash wheat well supported on breaks, but the…
Combined corn production in the EU, Ukraine and Russia is now pegged at 106.7 MMTs vs. 117.6 in October and 116.8 MMTs a year ago. Total world corn trade was raised 300,000 MTs to a new record 184.8 MMTs. Reduced production and stable consumption lowered major exporter corn stocks/use to 9.8%, the lowest since 2013/14.…
