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…
The onset of the coronavirus fears triggered a blistering March rally in the US Dollar Index as global investors sought capital safety. At the same time, a collapse in energy, food, and raw materials sent the CRB Index spiraling lower. The Dollar Index rally came to an end when Congress passed the largest financial bailout/stimulus/handout…
Initial winter wheat revenue insurance prices for 2021/22 are being calculated – and the market over the next 30 days will determine whether acres will be needed or not? As of now – just 3 days into the price determination period – SRW’s price sits at $5.43/Bu, v. $4.94 a year ago. HRW’s price is…
Growth in ethanol’s corn demand draw in 2020/21 requires a change in both miles driven in the US and growth in demand for US ethanol abroad. Exports have been an increasingly important part of total US ethanol consumption. But Covid-19 has disrupted global use while at the same time Brazil’s ethanol industry is targeting new…
NOPA reported a July soybean crush rate of 173 Mil Bu, 4.7 Mil Bu more than a year ago and 1 Mil Bu more than expectations. It was the largest monthly NOPA crush rate since March and record large for July. Based on the NOPA data, ARC estimates a total US soybean crush of 183…
