The March Cattle on Feed report saw key statistics coming in at expectations. The monthly feedlot inventory fell further behind last year, with the March 1 inventory down 4.5% from last year. Net feedlot placements in the last 150 days have been down 6% from a year ago and have fallen to a 6-year low.…
AgResource projects March 1 US wheat stocks at 890 Mil Bu, down 139 Mil Bu from last year and the lowest since 2007/08. March 1 stock as a percent of June-Feb consumption is estimated at 57%, the lowest since 2013/14. Total disappearance has been unimpressive, but food use is clearly inelastic and feed demand is…
The March NOPA crush report showed that NOPA membership processed 165.4 Mil Bu of soybeans in the month of February. This was 13.6 Mil Bu less than in January due to fewer days, while the per day crush rate was up 2%. Compared to a year ago, the crush rate was slightly larger to mark…
The global wheat market has shed the entirety of war-based risk premium since late summer, as what mattered most was record production in Russia last year amid the success of the Black Sea export corridor. The US and Europe were left without meaningful export interest. Stocks in both the US & Europe will be tight…
Obscured by an overwhelming amount of USDA, South American, and financial market news last week was a monthly report from the Malaysian Palm Oil Board on Friday. Palm oil futures were lower following the report, as the data did not offer a bullish surprise. The MPOB reported that palm oil production totaled 1.25 MMTs in…
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