US SRW production in 2020 is estimated at 298 Mil Bu, up 59 Mil (25%) on last year. Meaningful increases in production are expected across in OH and across the Southeast. Total SRW consumption in 2020 will be flat, and so stocks will be allowed to build 18 Mil Bu to 129 Mil. This is…
NOPA reported a December soybean crush rate of 175 Mil Bu, up from 172 Mil Bu last year. It was a record large crush figure for the month of December, and the 2nd largest 1-month NOPA crush rate ever reported. Only October 2019 was higher. Based on the NOPA data, AgResource estimates a total US…
China’s Customs Service released preliminary trade data for December today. December soybean imports totaled 9.54 MMTs, up 3.8 MMTs from a year ago to match the record December import rate of 2017. The chart shows that 1st quarter soybean imports are up 34% year-over-year at 24 MMTs and also tied with 2017 for the record…
The USDA’s January data release lacked market-changing updates, but the primary surprise was a larger than expected first quarter corn feed/residual disappearance. ARC calculates Sep-Nov US corn feed/resid at a record large 2,652 Mil Bu. This is up 365 Mil on the previous year and beats the prior record (2007/08) by a hefty 265 Mil…
US corn stocks in 2019/20 will be more than adequate, and concern over US inventories now shifts entirely to the timing and tonnage of Chinese demand in 2020. ARC notes that US corn stocks/use is now pegged at 13.4%, vs. 13.7% previously. This in turn implies that March corn at $3.80-3.85 is valued fairly but…
