The beginning of February marks the start of the countdown for new crop insurance base prices. Producers will use their average yields and the average of the daily closing prices for December corn and November soybeans to calculate their revenue guarantee from the Federal Crop Insurance program. The chart uses a national average corn yield…
The January Cattle inventory report is typically not a major event for the cattle market. However, the 2023 inventory data has been highly anticipated following back-to-back years of historic beef cow slaughter. Measuring the report against trade estimates is also tricky as NASS typically revises the previous year’s inventory. Nevertheless, this year’s report confirmed a…
The combined South American corn balance sheet will tighten again in coming WASDE releases, but the probable year-over-year increase in production bodes negatively for US export demand in summer and autumn. It’s clear March CBOT corn has been unwilling to add risk premium at $6.80-6.85. ARC views this price as the upper end of fair…
The EIA’s Monthly Energy Review showed that US biodiesel production in October was 1.8 Mil Gal over September, but 3.3 Mil Gal short of last year. This puts cumulative Jan-Oct B100 production at 1,345 Mil gallons or 1 Mil gallons larger than in 2021. The 2021 production figure had been the lowest in 5 years,…
Importer wheat demand recovered following the creation of the Ukraine export corridor, which boosted confidence in the purchase of abundant/cheap Ukrainian and Russian grains. ARC calculates major exporter wheat shipments in the Nov-Dec period at 31.1 MMTs, vs. 27.0 the previous year and vs. 30.7 MMTs in 2020. However, pace analysis suggests the USDA’s total…
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