The April Cattle on Feed Report leaned a little bearish relative to expectations, with March placements reported at 99% of last year versus estimates of 95%. The larger placement rate put the April feedlot inventory at 96% of last year compared to the average trade estimate of 95%. Overall, the difference between the feedlot inventory…
NASS reported that 8% of the US corn crop had been planted as of Apr 16th, versus the 5-yr average of 5%. Almost every state that reported progress last week was above average. TX led progress at 65% complete, while MO was 22% ahead of average at 30% complete. Dry conditions in KS allowed for…
India will not participate actively in the world wheat trade in 2023/24, which markets a sizable and important change from recent years. Food supplies are just too sensitive an issue there politically, and there’s been no indication yet in cash markets that supply & demand is adequately balanced. Spot cash milling wheat values in India…
Assuming trend yields, ARC projects Russian wheat production in 2023 at 86 MMTs vs. USDA’s estimated 92 in 2022. EU wheat production is projected at 138 MMTs vs. 134 in 2022. Combined EU and Russian wheat supplies in 2023 will be down just 3 MMTS year-over-year and at 259 MMTs will be the second largest…
The April NOPA crush report was bullish for CBOT soybeans, with the March crush rate reported at 185.8 Mil Bu. This was 2.4 Mil Bu above expectations, a record large soybean crush rate for the month, and the 2nd largest ever monthly NOPA crush ever reported. The largest NOPA crush on record was reported in…
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