AgResource estimates 2024 US corn seeding at 91 Mil Acres, down 3.6 Mil (4%) from last year. Estimated returns, and higher costs specifically, are cited. Major contraction is not anticipated across the primary Corn Belt, but rather along the fringes including key areas of the Delta/ Southeast/ N Plains. The attached graphic displays year-over-year changes…
NASS will release the 2024 Prospective Plantings report on Thursday. The 2024 report is of increased importance for the market as it will be immediately followed by the Good Friday and Easter holiday three-day weekend, which hasn’t happened since 2018. The table above and the graphic reflect AgResource’s best estimate of intended US soybean acres…
The March CoF report figures offered something for everyone. The placement rate of 110% was above expectations and could be bearish, while the on-feed figure at 101% was near expectations and neutral. However, the March 1 feedlot inventory expanded by 41,000 head, which was the largest increase for the month since 2019. Typically, inventories fall…
At the start of the month, NASS began surveying US hog producers for the inventory data that will be used in the March Hogs and Pigs report to be released next Thursday. The December report showed that the US breeding herd fell 2.9% from September and was 3.3% less than a year ago. This was…
A new demand driver for corn, meat and dairy products is emerging in the form of elevated Mexican imports. Mexico has been a top trading partner of the US for years, but Mexico’s imports of US ag products has reached new heights in the last 10 months. Mexico in calendar year 2023 imported a total…
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