Complete dryness and excessive heat across Kazakhstan and parts of Russia’s spring wheat wheat during the first half of June was acting to further tighten the Northern Hemisphere exporter wheat balance sheet. However, a major and important pattern shift is ahead. A wetter/cooler pattern begins this weekend. High temps in Northern Kazakhstan and Central Russia…
When surveying for the December Grain Stocks Report, NASS also asks farmers and elevators about their storage capacity. The 2019 survey showed that total grain storage capacity (both on and off-farm) had increased by 0.6% to 25.1 Bil Bu. US farmers had added 107 Mil Bu of capacity, while off-farm storage increased by 40 Mil…
Aside from a narrow band broadly enveloping the MS River, Central US precip during the month of June has been below normal. Rainfall triggered by the remnants of tropical storm Cristobal were welcomed where they fell. But even assuming the wetter forecast, precip in IN and IL during June is projected at 35-85% of normal.…
ABARES, the Australian equivalent to USDA, pegged the 2020 Aussie wheat crop at 26.7 MMTs. The USDA raised its estimate t0 26 MMTs in Thursday’s WASDE. The Aussie crop has just been planted, but ARC’s work suggests that the odds of a massive increase in Australia’s wheat supply are better than average. Most important is…
The USDA left major exporter corn stocks/use unchanged at 17%. Reduced carry-in stocks in Argentina offset a larger projected Brazilian crop in 20/21. Old crop South American production was untouched. ARC’s work suggests major exporter stocks/use will rise further in coming reports. When accounting for lower 2019/20 industrial use in the US, major exporter corn…
