NASS in its July production report is expected to lower US all-wheat production slightly relative to WASDE’s current estimate. ARC projects US all-wheat production at 1,851 Mil Bu, vs. USDA’s current 1,877 Mil Bu and vs. 1,920 Mil in 2019. The downgrade will be a function of a lower HRW crop. Total US winter wheat…
Chinese Customs will release preliminary trade data for June early next week. Ahead of the release, expectations for June soybean imports are 10.3-10.5 MMTs bases on vessel arrivals. If confirmed, this would be a 3.8 MMT increase over last year and a record large June total. Unfortunately, the majority of these soybeans will have arrived…
US summer row crop markets since the release of NASS’s acreage data have been rallying based on the uncertainty over US supply. A lengthy period of warm/dry weather is adding fuel to the advance. However, like 2019, ARC strongly cautions chasing supply-driven bull markets. Non-US corn supplies will be record large amid rising Brazilian winter…
ERS released monthly carcass weight equivalent red meat trade figures from the July International Trade Report on Monday. The data showed that US pork exports were slowed by reduced production during May. US pork exports totaled 618 Mil Lbs, a 23.5 Mil Lb decline from April, the lowest monthly export total since October 2019. However,…
Argentine soybean meal exports slowed in late 2019 and have remained historically tepid through the first half of 2020. There was hope that the start of the new crop harvest would help lift soybean crush rates and soybean meal exports, but so far, that has yet to materialize. April and May exports were both 12%…
