June 1st US corn stocks are estimated at 5.1 Bil Bu. Notice that Mar-May beginning stocks were down a sizable 660 Mil Bu from the previous year, but June 1 stocks will be down just 133 Mil. NASS’s quarterly stocks reflect available supply, but more importantly they’re used as a measure of disappearance. ARC pegs…
The June Grain Stocks Report will be released next Tuesday. Ahead of the report, AgResource looks for NASS to report a June 1 US soybean inventory of 1,395 Mil Bu. This will be 388 Mil Bu (22%) less than last year’s record-large stocks figure, but it would still be the 2nd largest June 1 inventory.…
Europe’s corn production potential has risen quickly following this season’s 5-year high seedings and highly favorable weather. The attached graphic shows June 1-30 % of normal and assumes the EU model’s 7-day forecast verifies. All but southern Spain will have seen normal/above normal rainfall and the highlighted areas in the graphic are Europe’s primary corn…
The June Cattle on Feed report leaned bearish, relative to expectations. Feedlots placed a larger than expected number of cattle in May, as placement margins recovered. June 1 cattle on feed of 11.67 Mil head were nearly unchanged from a year ago, versus the average trade estimate that called for an on-feed total of 99%.…
Dairy markets have been the bullish stallwart of the US ag space since late April, but the US oat market has also been resilient to nationwide lockdown orders. Spot oat futures in early June rallied briefly to $3.50/Bu a 5.5-year high. On a metric ton basis, CBOT oat’s premium to corn has traded between $80-100…
