USDA in its July WASDE increased global wheat import demand by 1.3 MMTs to a record 202.7 MMTs. The market is intensely concerned over demand destruction but year-over-year contraction in world trade is highly unlikely due to reduced production in North Africa & the Middle East along with higher projected domestic consumption in East Asia.…
NASS is likely in the process of completing the survey of US cattle owners to collect data for the July Inventory report that will be released next week. The report will be released alongside the July Cattle on Feed report and gives a mid-year snapshot of changes in inventory, which includes a count of the…
ARC also notes that the exporter corn stocks/use will only stabilize assuming a record yield in the US and record combined production in South American in 2023. USDA pegged combined US and South American corn stocks/use this AM at 8.5%, vs. 8.2% in June and vs. a projected 8.1% in 21/22. Brazilian corn output in…
World wheat market focus this week has returned to measuring the odds of establishing a humanitarian export corridor in the Black Sea, with more meetings due between Turkish & Russian officials. ARC maintains that the odds of Russia giving Ukrainian grain safe passage are near zero, but headline risk will be ongoing, nonetheless. Additionally, recent…
Pork exports in May increased slightly from May, but at 549 Mil Lbs were down 20% from last year and the lowest May export rate in three years. Once again, lower exports to China accounted for much of the decline. May exports to China were 110 Mil Lbs or 70% less than last year. This…
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