The October Cattle on Feed report was neutral for the CME cattle trade on Monday. All of the headline statistics were right at expectations, which will have little impact on CME trade next week. Cattle on feed supplies were right at expectations of 99% of last year. But feedlot inventories are no longer record large,…
US and world fertilizer prices began rising in late 2020 amid rising world energy prices and reduced global production during the lost covid year. The market then soared at the start of the Ukrainian war and peaked in April. The chart shows that world prices have since declined but are still at the upper end…
Spring in Australia has looked more like Brazil’s peak rainy season than a typical Oceania climate. Should the forecast verify, Sep-Oct rainfall in New South Wales in eastern Australia will reach a record 12” and the unprecedented nature of such rain is made evident by the attached graphic. Lesser but still excessive rainfall will be…
Ukrainian corn exports have been impressive since the advent of the Black Sea export corridor in July. Slowly, confidence of major importers has been building, helped no doubt by periodic UN purchases, and very aggressive fob offers have facilitated the return of European demand. Ukrainian corn exports in September are calculated at 2.1 MMTs, vs.…
The NOPA crush report showed a September crush rate of 158 Mil Bu, a 7.4 Mil Bu decline from August, but still 4.3 Mil Bu more than a year ago. The figure was just below the average trade estimate but was the third-largest September crush rate on record. September 2020 and 2018 are the…
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