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…
On Thursday, ARC highlighted how Sep-Nov supply rationing has kept US corn stocks/use elevated. Today we discuss Dec 1 stocks in major Northern Hemisphere exporting countries. Like wheat, stocks are not as abundant as expected amid improved world corn trade. ARC estimates Oct-Nov corn shipments from the six major exporters at a record 28.6 MMTs,…
ARC estimates Dec 1 US corn stocks at 11,637 Mil Bu. Final US corn production of 13,580 Mil Bu – vs. USDA’s 13,661 Mil – is assumed. Dec 1 corn stocks in 2019/20 are pegged 300 Mil Bu below last year and the lowest since 2015. Yet, this year’s rationing of supply via price has…
The Brazilian government crop forecasting agency, CONAB, released its December crop report Tuesday morning, ahead of the USDA’s WASDE report. CONAB held its soybean crop estimate at 121 MMTs, while the USDA kept its forecast at 123 MMTs. CONAB estimated total soybean area at 36.8 Mil hectares (91 Mil acres), 3% more than last year,…
USDA also left its major exporter corn supply/demand unchanged with only marginal adjustments made to Russia’s balance sheet. The attached graphic shows non-US exporter corn production less non-US domestic corn use. The graphic serves as a reminder that the non-US exportable corn surplus will be a record large 107 MMTs with normal South American weather…
