The Economic Research Division of the USDA released updates for the national average crop production cost for the 2022/23 crop years and initial estimates for the 2023/24 crop year. Not surprisingly, the 2022/23 estimates were increased from the previous estimates largely due to higher fertility costs, which were $72/acre more than the previous year. The…
Food production and markets worldwide have been negatively impacted by Mother Nature, along with ongoing labor challenges, and the need for elevated production is at the core of ARC’s thesis that ag/food markets stay elevated into least the middle of 2023. Demand is being combated or impacted by rising global interest rates and China’s struggles…
The North American spring wheat growing season has been good, but not great, following delayed seeding in both the US Northern Plains and Canadian Prairies. Fortunately, the risk of a late summer cool down is much lower than average, and periodic heat in Canada allowed for rapid DDG accumulation. The graphic attached shows Jul 1-Aug…
The August Cattle on Feed report is viewed as slightly bearish relative to trade estimates, as headline statistics were at or above trade estimates. By itself, the placement rate was bearish at 102% of last year vs. expectations of 99%. However, the feedlot inventory at 101% of a year ago was in line with expectations.…
Corn has fallen sharply since late June, which was in part due to Federal Reserve ending raw materials’ use a hedge against inflation but also due to a surge in Brazilian exports and a lack of drought expansion into the Eastern Midwest – where yields will be near to above trend this year. However, the…
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