New crop global corn data also leans bearish longer term, even when excluding the US balance sheet. Non-US exporter harvested area in 2020/21 is projected to rise 755,000 Hectares (1.9 Mil Acres). With normal weather, non-US exporter corn production in 2020 will reach 224 MMTs vs. 217 MMTs in 2019. China is expected to be…
Argentine soybean meal exports soared a year ago as new crop supply became available. April-December soymeal exports were at a 4 year high of 22.2 MMTs, the 2nd largest on record. Since then, the export pace has been in a seasonal downtrend, with exports in January falling below both last year and the 5-yr average.…
The May International Trade report showed March pork exports at 702 Mil Lbs. This was a 7% increase over February, a 36% increase over last year, and the largest 1-month export total on record. The March figure puts the quarterly US pork export total at just over 2 Bil Lbs! It’s easy to get excited…
Stats Canada released its 2020 crop seedings intention report as well as grain/oilseed stocks as of March 31st. Stats Can’s stocks report lacked excitement, and the theme of 2020 will be rising Canadian grain supplies and a modest contraction in canola stocks. 2020 Canadian wheat were 10.3 Mil Hectares. This compares to an average trade…
It’s well understood that a new demand driver is needed for corn before a lasting recovery unfolds. The only other bullish driver of price would be a severe US weather loss that is due to a dire drought or extreme heat. The entirety of the 2020 growing season lies ahead, but any production loss will…
