USDA projects the 23/24 world wheat exporter stocks/use ratio at 13.5%, the second lowest on record. ARC projects exporter stocks/use to be a record low 12.9% as US spring wheat production is trimmed slightly and as Australian production is lowered another 1.5-3.0 MMTs amid extreme dryness during September. Yet, such tight stocks have not put…
AgResource estimates Sep 1 US wheat stocks at 1,757 Mil Bu, a newer 16-year low. This fifth consecutive decline in stocks is partially a function of lower production. ARC estimates final 2023 US wheat output at 1,720 Mil Bu, vs. USDA’s 1,734 Mil. A trimming of spring wheat yield is anticipated. I’s also difficult to…
Final US corn ending stocks are estimated at 1,409 Mil Bu, 43 Mil Bu below USDA’s forecast in early September. The US corn balance sheet has been allowed to loosen following years of high prices and weakening export disappearance. This was aided by record Brazilian output in summer. ARC pegs Jun-Aug exports at a 10-year…
The September Cattle on Feed report is viewed as neutral for CME cattle futures at the start of next week. The report showed an August placement rate at 95% of last year, with the on-feed figure right at expectations of 98% of a year ago. Seasonal inventory lows are typically scored in August or September,…
CONAB on Tuesday confirmed that total Brazilian corn area will shrink for the first time since 2017 and only the second time since 2010. Negative production margins is the catalyst. Assuming trend yields, cash corn in Mato Grosso still exists $15/MT below the new crop’s estimated cost of production, and without rallies in the global…
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