AgResource’s research maintains that Dec corn below $5.00 has digested near-trend US yield and a welcomed build in global feed inventories. Focus moving forward will be centered on what’s next, and whether South American output triggers a further swelling of global corn stocks during 2024. Challenges to South American corn production are anticipated. Most important…
USDA continues to shrug off monthly CONAB data and raised Brazilian 22/23 (current crop) corn production to 137 MMTs, vs. 135 in August. Brazil’s exportable surplus will reach 55-56 MMTs and stocks will grow. World trade flows will remain nuanced as Asian importers lack access to bulk Ukrainian corn and as logistic port delays slow…
AgResource estimates US corn yield at 171 BPA, vs. 173 in early August and vs. USDA’s projected 175.1. Relative to NASS’s survey based numbers, downward adjustments are made IA, IL, KS, MN and NE. Upward revisions are made to AR, CO and PA. The return of heat in Aug/early Sep and a complete lack of…
NASS has just completed contacting farmers and field surveys for the September crop report to be released Tuesday. The table reflects AgResource’s assessment of yield and production potential for the principal soybean-producing states. Yields started the year below average and well below last year and declined into early July when widespread rains stabilized ratings and…
The September International Trade report expectedly showed that US pork exports seasonally declined in July as US pork prices neared annual highs. However, monthly exports of 505 Mil Lbs were up 4% from last year. Cumulative exports for the year are 9% larger than last year and the third largest on record. Mexico continues to…
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