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…
The main feature for meat exports in the International Trade report was a surge in US pork exports. November pork exports totaled 623 Mil Lbs, a 22% increase over last year. Not only was it a record high November export rate, but also the largest monthly export rate on record. Exports to China led the…
Brazil’s crop forecasting agency CONAB released its January crop production report just ahead of the USDA. CONAB made modest changes to their area and yield estimates, but the end result was a slight increase for the Brazilian soybean crop to 122 MMTs. The soybean area was estimated at 36.76 Mil Ha (90.9 Mil acres), fractionally…
Official US November soybean exports totaled 257 Mil Bu, up 78 Mil (44%) from Nov 2018. Sep-Nov US soy exports are then calculated at 619 Mil Bu, up 117 Mil from 2018. China’s pledge to buy 10 MMTs of US soy in late autumn was met, and using FGIS data, official Dec US soy exports…
Ahead of CONAB’s January report on Wednesday, ARC estimates Brazilian soybean production in 2020 at 123.5 MMTs. This is up 0.5 MMTS from USDA and up 2.4 MMTs from CONAB’s number in December. Despite pockets of dryness in the south of Brazil, soil moisture in crop heavy areas of Central Brazil is more than adequate.…
