Argentina does not benefit from seasonal tropical rainfall patterns. However, Argentina has benefited from massive row crop yield improvement over the last decade. This is especially true over the last five years, with rising profitability being poured into Argentine farming operations. In the last 28 years, Argentine corn yield has fallen below its 15-year trend…
Row crop price determination will now be led by South American growing condition. NASS in its Nov and Jan crop reports will fine-tune US production, but major swings are not anticipated. Whether 2020/21 US and world corn & soy stocks rise or fall instead will be a function of changes in South American surpluses, which…
Also notice in the US balance sheet that assuming slightly acreage expansion and trend yield in 2021, US stocks reach above 2.5 Bil Bu. The world corn market still requires a sizable demand driver to produce any kind of long-term market tightness. Ukrainian corn production was trimmed 2 MMTs. Old and new crop South American…
FAS’s monthly update of pork exports adjusted to a carcass weight equivalent showed August pork exports at 527 Mil Lbs. The export total was 104% of a year ago, a record for the month. This marks the 15th consecutive month that US pork exports have marked a new record high. But note that Jun-Aug exports…
The October International Trade report released on Tuesday showed that the US exported 167 Mil Bu of soybeans in August. The figure was just below last year’s record, but far larger than had been expected by private analysts at mid-summer. The larger than anticipated export rate was due to a surge in late year as…
