The March Hogs and Pigs report is viewed as neutral for CME futures relative to expectations. The headline figures were generally right at expectations and, for the most part, were nearly unchanged from last year. The lack of a bearish surprise is viewed as supportive for CME trade, given the recent collapse in prices. Both…
The March Grain Stocks and Prospective Plantings reports have historically been two of the most anticipated reports of the year, and at times have produced rather significant price responses in both CBOT futures and US cash markets. Often, it’s the stocks data that drives price changes, as the report provides a mid-year view of grain…
US high-pro wheat prices are likely to stay elevated throughout calendar year 2023. The spot MGE-CBOT spread isn’t testing all-time records like KC’s premium to Chicago, but spot MGE this evening sits at a lofty $1.75/Bu above spot CBOT, and this premium structure is forecast to remain in place indefinitely. Additionally, the US spring wheat…
Already time is running out to prevent another year of sizable US HRW yield loss. Exceptional drought remains present in critical areas of Texas, Oklahoma, and Kansas, while some measure of drought currently blankets the whole of the HRW Belt. Drought is much worse this year than last in Kansas and Nebraska, and worrisomely, there’s…
The USDA Outlook Forum acreage estimates were generally in line with expectations. The Outlook Forum estimates are not survey-based but result from USDA modeling and opinion based on current market conditions and new crop outlooks. The first look at acreage, based on US farmer surveys, will be in the Prospective Plantings report that will be…
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