North Africa’s wheat crop is in dire need of rain! The graphic below shows that during the month of February, assuming the 7-day forecast verifies, North Africa’s wheat belt will have seen virtually no rainfall. Dec-Jan rainfall across North Africa’s wheat belt was recorded at just 10-60% of normal, and longer term moisture deficits are…
The USDA released its preliminary estimates for 2020/21 crop balance sheets, Friday morning at the annual Outlook Forum. The soybean balance sheet was viewed as bullish. Along with a recovery in acreage, the USDA forecasts a 2.4 BPA recovery in the US yield with a crop size of 4,195 Mil Bu. Soybean crush was forecast…
The USDA’s 96th Annual Outlook Forum kicked off with a presentation from USDA Chief Economist Robert Johansson. His presentation featured the USDA’s best guess at US planted acres for the four principle crops in 2020. The estimates are not survey-based like the March Prospective Plantings report but are the USDA’s best guess based on current…
Global currency relationships continue to plague US ag export potential. ARC has discussed previously how weak non-US currencies favor area expansion and exports in South American and the Black Sea. Now the issue has become more pronounced. The attached graphic shows the % change in major exporter currencies since 2013. Notice that the Argentine peso…
Central US soil moisture is quantifiably the best in years following above normal autumn/winter precip. A drier pattern will be needed for timely row crop seeding across the Delta/Southeast as well as the Dakotas. AgResource’s work suggests that current soil moisture already suggests trend/above trend winter wheat yields. Also, assuming large positive soil moisture anomalies…
