Combined 2020/21 EU + UK corn, wheat and barley stocks are forecast to be a 13-year low 23.7 MMTs with combined stocks/use to be a record low 9.2%. AgResource’s work suggests the EU + UK grain balance sheet will be tightening further amid slower than expected corn imports. The EU joins the US in needing…
The 2021 soybean growing season is off to a mixed start. Cool temperatures delayed emergence of April planted Midwest soybeans. Eastern Midwest soybeans missed early seeding opportunities due to rain, but it was the Northern Midwest and Northern Plains have had the greatest struggle with drought/ emergence, followed by last week’s late May frost/freeze. The…
The table below displays US corn supply and demand using different yield scenarios ranging from 174.5-182.0 bushels per acre. Even this is a rather narrow range and validates the market’s reaction to hot/dry Midwest forecasts as early as the opening week of June. Confirmed yield loss triggers the need to slow/terminate demand – which will…
NASS indicated that they will release initial corn crop condition ratings ON June 1ST with initial soybean ratings due June 7th when more than 75% of the crop has emerged. AgResource expects initial 2021 corn ratings will be near to above average at 67-71%. Once corn condition ratings are known, the chart shows that initial…
The 2021 corn crop has gone in the ground ahead of normal. National planting progress passed the halfway point on May 4th, 3-4 days ahead of average. As of last Sunday, 90% of the crop had been planted, which was the most in 6 years. With the exception of Colorado, planting progress in the other…
