US, exporter and global wheat stocks won’t be overly abundant at the end of the 22/23 crop year, but it’s clear near-term supply & demand is not balanced. The market since mid-February has been defined by noticeable weakness in Russia’s interior and fob markets, with new seasonal lows scored in each of the last two…
CBOT corn has added supply premium as Argentina is unlikely to see crop-salvaging rain prior to March — after which it’s too late for weather to make much of a difference. However, ARC cautions clients about being too bullish of corn based on Argentine losses as massive US and Brazilian crops lie in the offing.…
The USDA’s 99th Annual Outlook Forum will kick off on Thursday with a presentation from the USDA’s Chief Economist, Seth Meyer. The presentation is titled “2023 Agricultural Economic & Foreign Trade Outlook”, but will also feature the USDA’s first guess at ’23 US planted acres for the four principal crops. The estimates are not survey-based…
To follow up on last week’s soybean oil analysis, AgResource looked at the USDA’s soybean meal projections in the February WASDE report and broke down the figures into monthly projections. The estimates in the table above (red font) are based on the WASDE estimates, cumulative supply and disappearance figures, and forward estimates based on seasonal…
The Chicago Federal Reserve’s AgLetter released last week confirmed another quarter of rising farm loan interest rates across the district. The survey of agriculture lenders showed an average operating loan interest rate in the 4th quarter of 2022 of 7.5%, up from 6.52% in the third quarter and 4.34% in the 4th quarter of 2021.…
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