The state of the US corn crop on May 28th was good but far from abnormally highly rated crops in 2014, 2018 & 2021. This season’s initial crop rating is 69% GD/EX, vs. 73% last year and vs. the long-term average of 68%. GD/EX on Sunday was recorded at or above 70% in IA, IN,…
The Buenos Aires Grain Exchange’s soybean crop estimate started the year at a 23-year low of 25 MMTs and has since worked lower. It was the lowest production estimate in the history of the BAGE’s crop estimates that started in 2009. Harvest progress was estimated at 78% complete, and the BAGE has marked over 2…
The 2023/24 crop year will be one of transition from extreme supply tightness to adequate/abundant supplies if Mother Nature cooperates in both hemispheres over the next 12 months. USDA outlooks make sense as only trend yields can be used prior to the growing season, and a recovery in Argentine output is probable following three consecutive…
CBOT market participation, as measured by total market open interest, has been in decline for the 3 major grain markets. Wheat open interest reached a multi-year high and peaked in early 2020; soybean open interest set a record high and topped in late 2020, while the corn market reached a record high in early 2022…
USDA’s initial Russian wheat crop estimate of 81.5 MMTs is as good as any, though like in the US during the summer, a host of wide-ranging private estimates will be released in the coming months. ARC notes that updated vegetation health indexes show that winter wheat yield potential in much the south is well below…
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