The USDA updated its annual food inflation forecasts last week, and once again, the USDA raised the estimates for annual food inflation. So far this year, the USDA’s forecasts have been chasing the actual food inflation rate, rather than leading. The first estimate for 2022 food inflation was released in July 2021 and called for…
The September Cattle on Feed report is viewed as neutral for CME cattle futures at the start of next week. The report showed an August placement rate that was above expectations at 100% of last year. However, the on-feed figure was right at expectations of 100% of a year ago. Seasonal inventory lows are typically…
AgResource estimates Sep 1 US wheat stocks at 1,775 Mil Bu, unchanged from last year. US wheat supplies have been allowed to stabilize amid slowing export demand and feed consumption. ARC’s 1,775 Mil Bu stocks forecast implies the first year-over-year boost in Sep 1 stocks/use since 2018, and fear of shortages moving forward hinge upon…
AgResource pegs final 21/22 at 1,500 Mil Bu, 25 Mil below USDA’s estimate in early September but up 265 Mil from last year. Total Jun-Aug disappearance is pegged at 2,851 Mil Bu, down 32 Mil Bu from last year, which was a surprise to the marketplace during the summer months as the complete blockage of…
The USDA’s soybean stocks estimate for the 2021/22 crop have been in a wide range from the initial estimates in May 2021. The initial forecast put stocks at 140 Mil Bu, with a stocks/use ratio of 3.2%. By January, the USDA’s stocks projection had risen to 350 Mil Bu, and stocks/use was projected at 8%.…
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