The US winter wheat crop on Sunday was rated as 41% GD/EX. This compares to 56% GD/EX a year ago and 57% on average. Year-over-year changes in crop ratings nearly match that of year-over-year changes in drought conditions. GD/EX in KS currently sits at 29%, vs. 55% a year ago. GD/EX in OK is just…
The October Cattle on Feed report leaned bearish relative to trade expectations. The September placement rate was above estimates, and the October 1st feedlot inventory was 104% of last year, versus expectations of 103%. The difference resulted in an extra 68,000 head on feed at the start of the month. But following this week’s sharp…
The USDA’s global vegetable oil balance sheet estimate offers a bullish outlook. Total world vegoil production for 2020/21 is expected to reach 210 MMTs, a growth rate of just 1%. Record large production of palm oil and soybean oil helps to offset declines in sunflower, canola, and other minor oil production. Worth noting is that…
The wheat market is quickly is seeking out prices that slow world trade. This is not due to any current shortage of wheat, but rather expected changes to 2021/22 major exporter supply & demand. Winter wheat seed sitting in dry soils across SW Russia a unique phenomenon and is difficult to quantify. This difficulty has…
The US soybean outlook has changed dramatically since late August. This has been in part to the buying/exporting of soybeans to China and US crop losses due to late summer dryness. The US supply loss has been compounded by weather-related planting delays in Brazil. AgResource has raised our export estimate to 2,275, but admittedly the…
