The primary US Corn Belt is facing its first meaningful yield threat since 2012. Heat and a lack of rainfall have been issues in June in recent years, but IA/IL and points eastward have avoided quantifiable widespread drought over the last decade. In fact, subsoil moisture as measured by the Palmer Hydrological Drought Index (PHDI)…
The June Grain Stocks Report will be released on June 30th and the May soy crush rate was the final data point needed to estimate the Mar-May soybean use and the quarterly ending stocks figure. AgResource estimates US June 1st soybean stocks at 783 Mil Bu, down 184 Mil Bu (19%) from a year ago!…
AgResource estimates June 1st US corn stocks at 4,284 Mil Bu, down 64 Mil Bu year-over-year. The market since summer has worked to adequately slow consumption, which in the Mar-May quarter is pegged at a 4-year low, but there’s will be no tolerance for enlarged consumption without trend/above trend yields nationwide this year. ARC’s primary…
The June NOPA crush report was bullish for old-crop soybean prices. NOPA reported a May soybean crush rate of 178 Mil Bu. This was 2 Mil Bu larger than the average trade estimate, a 7 Mil Bu increase over last year, and the largest May NOPA crush rate on record. Most of the increase over…
ARC estimates final 22/23 US wheat stocks at 601 Mil Bu, vs. 698 Mil last year and vs. USDA’s estimate last week of 598 Mil Bu. A very modest downward revision will be made to exports following the release of Census data in early June, but no large-scale changes are not anticipated. Feed use is…
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