The USDA Outlook Forum acreage estimates were generally in line with expectations. The Outlook Forum estimates are not survey-based but result from USDA modeling and opinion based on current market conditions and new crop outlooks. The first look at acreage, based on US farmer surveys, will be in the Prospective Plantings report that will be…
At the start of the month, NASS began the process of surveying US hog producers for the inventory data to be used in the March Hogs and Pigs report to be released next Thursday. The December report showed that the US breeding herd had increased by less than 1% from a year ago, which was…
AgResource estimates March 1 corn at 7,528 Mil Bu. If realized, stocks will be the lowest since 2014 but the year-over-year contraction in demand implies stocks/use will have recovered from 2022’s multi-year low. Feed/residual disappearance is projected at 1,365 Mil Bu, which aligns with USDA’s annual forecast. Exports at 322 Mil Bu are the lowest…
AgResource estimates March 1st soybean stocks at 1,711 Mil Bu, 221 Mil Bu (11%) less than a year ago, and the 3rd lowest stocks figure since the recovery from the 2012 drought. US soybean supplies were reduced this year as old crop stocks were historically tight, while the 2022/23 harvest was down 189 Mil Bu…
The US, exporter and global corn balance sheets are projected to loosen considerably in 2023, but following historic drought in Argentina this only occurs if acreage expands in the US and trend yields are obtained across the N Hemisphere. ARC’s work suggests that old crop exporter stocks will not build this year as Argentine crop…
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