The December Cattle on Feed Report is viewed as neutral to slightly bearish for CME cattle futures. The November feedlot placement rate came in above expectations, which also put December 1st cattle on feed supplies at the top end of pre-report estimates. Beginning of the month feedlot inventories amounted to just over 12 Mil head,…
AgResource estimates Dec 1 US wheat stocks at 1,875 Mil Bu, down 134 Mil Bu from last year. Stocks of 1,875 Mil Bu are more than adequate, but the market has done well to clear some inventory. Sep-November Supply & Demand is displayed below. Domestic use remains flat while quarterly export disappearance is pegged at…
AgResource estimates US soybean stocks as of December 1st at 3,172 Mil Bu, a 574 Mil Bu (15%) decline from a year ago. As reflected in the table, the carry-in supply was record large, but more than half of that was offset by a sharp decline in US production. US farmers harvested the smallest soybean…
Argentina’s forecast continues to trend wetter during the second half of December. It remains imperative that projected rainfall materializes, but should model output into Dec 30th verify, coming rainfall will be rather timely. The graphic attached shows the correlation between December precip across Argentina’s primary Corn Belt (provinces Buenos Aires, Cordoba and Santa Fe) and…
NOPA reported a November soybean crush rate of 165 Mil Bu, down 2 Mil Bu from a year ago, and 7 Mil Bu short of expectations. With NOPA generally accounting for 94% of the total US soybean crush, AgResource estimates a November crush total of 175 Mil Bu. This puts the 1st quarter crush rate…
