The USDA’s update to red meat exports in October showed pork exports of 540 Mil Lbs. This marked the 2nd consecutive month that exports were fractionally above last year. Rising pork prices in China again drove US exports to China, which were at 123% of last year and above a year ago for the 3rd…
The International Trade report showed October US soybean exports totaled 359 Mil Bu. This was 36 Mil Bu less than a year ago and the lowest October export rate in 3 years. The official trade data was also 556,000 bushels less than the monthly Export Inspections report. This was the first time that the Census…
AgResource projects a modest boost in old crop exporter stocks and stocks/use as Russian production is increased and total world trade is trimmed. ARC’s updated 22/23 exporter wheat stocks estimate is 57.4 MMTs, vs. USDA’s projected 55.6 and vs. 59.3 MMTs in 21/22. Still, the exporter wheat balance sheet will tighten. Lower production and stocks…
Final Canadian wheat production is pegged at 33.8 MMTs vs. USDA’s 35.0. This decline will come directly out of Canada’s exportable surplus, which along with sizable exports to date lends support to Canada’s hi-pro spring wheat market. ARC also notes that Canadian wheat stocks/use will be a record low 11.8%, vs. 15% in 21/22. But…
Weekly and monthly ethanol data remains unexciting! ARC’s fear that this season’s year-over-year production lag will widen through winter. NASS this afternoon pegged US corn used for ethanol production in October at 449 Mil Bu, vs. 468 Mil a year ago. Using weekly EIA data, ARC estimates official corn use in November at 444 Mil…
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