The USDA’s Economic Research Service’s update of February pork exports reflected another month of increased trade. Total exports were nearly 18 Mil Lbs larger than a year ago at 504 Mil Lbs. Exports to Mexico were fractionally under last year’s record, while exports to top countries Japan and S Korea were down by double digits.…
The International Trade report showed US soybean exports in February at 197.5. This was 58 Mil Bu (42%) more than a year ago and 9.5 Mil Bu larger than the monthly February inspections. This is the 3rd largest February export rate on record. Of the 2 years that were larger, 1 was a leap year…
The monthly supply and disappearance estimate in the table above (red font) are formulated based on the March WASDE’s annual estimates, cumulative supply and disappearance figures, and forward projections based on seasonal production and disappearance trends. On the supply side, the USDA forecasts annual soyoil production of 26,195 Mil Lbs, a fractional increase over last…
March 1st US corn stocks data (like Dec 1st data) altered the dynamics of supply, demand, and price. National feed/residual use through the first half of the crop year is down only 5% from last year vs. USDA’s projected annual drop of 8%. 2022/23 US corn feed/residual use may be raised upward of 100-150 Mil…
NASS’s corn stocks and seedings data leaned supportive. Feed/residual use in the Dec-Feb quarter as 70 Mil Bu above trade expectations, which amid the market’s finding of export demand and the coming seasonal boost in ethanol grind guarantees another year of historical supply tightness. Indeed, two themes that have emerged recently are that 1) a…
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