This week’s Export Sales report showed that new crop corn sales to China totaled 251 Mil Bu. It’s a record amount of new crop sales and the largest since 2013. Most of those sales have been made after the first week of July, shifting the export outlook (to China) quite significantly in the last 8…
The pace of world trade has failed to improve since July. Lofty prices in Western Europe have on the margin slowed shipments. Black Sea shipments are beginning to pick up but combined Russian, Ukrainian and Kazakhstan exports in Jul-Aug are estimated at 10.2 MMTs vs 13.3 MMTs last year. Only US/ Australia physical wheat exports…
Premium is being added to CBOT futures as US yield estimates erode and the market’s perception of 2020 end stocks decline. But once the Midwest yield loss is understood, a semi-lasting high will be scored. The focus then turns to rate of US disappearance and whether demand growth has been found – and then to…
Stats Canada will release its initial 2020 crop production estimates on Aug 31st. The attached graphics shows June-Aug % of normal precip (top) and Jun-Aug temp deviations (bottom). The Canadian Prairie Ag Belt is highlighted It’s been a broadly normal/favorable growing season. August dryness in Southern Saskatchewan has trimmed wheat, barley and canola yield potential…
The August Cattle on Feed report leaned bearish relative to expectations. Feedlot placements in July were faster than expected, and the Aug 1st feedlot inventory was above the range of expectations. Pre report estimates had called for an Aug 1st inventory of 99-101%, while the actual reported figure was at 102%. This resulted in an…
