The May Cattle on Feed report is viewed as neutral for CME futures trade on Monday. The report did not offer any surprises, with the headline statistics coming in right at trade estimates. However, the report marked the 8th consecutive month that feedlot inventories were below a year ago. The May 1 feedlot inventory was…
NASS May production report, and now the results of recent KS and OK wheat tours, have raised the burden further on yield performance in Canada, Europe and the Black Sea. ARC this week has lowered US HRW production to 505 Mil Bu, vs. USDA’s projected 513 Mil. Even assuming HRW demand contraction, US HRW stocks…
The Chicago Federal Reserve’s quarterly AgLetter that was released last week confirmed another quarter of sharply higher farm interest rates. The first survey of Ag lenders in 2023 showed a district-wide average interest rate for farm operating loans at 7.97%, up 0.47% from the previous quarter and 3.33% higher from last year. The average farm…
The Wheat Quality Council’s tour of the Plains this week will no doubt find yield potential in KS and portions of OK and NE at the lowest in years. Still, the tour’s national yield and production estimates will be valuable in gauging the accuracy of NASS’s initial HRW yield forecast in May, particularly following USDA’s…
The May NOPA crush report showed an April NOPA crush rate of 173.2 Mil Bu. This was down 12.6 Mil Bu from the March crush rate, but still 3.4 Mil Bu more than a year ago and record large for April. On a per-day basis, the April crush rate was just 4% less than the…
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