The June Grain Stocks Report will be released at the end of the month. The May soybean crush rate was the final data point needed to estimate Mar-May soybean use and the quarterly ending stocks figure. AgResource estimates US June 1st soybean stocks at 977 Mil Bu. This will be 208 Mil Bu (27%) more…
AgResource estimates June 1st US corn stocks at 4,367 Mil Bu, up 256 Mil Bu from the previous year amid reduced export disappearance. Otherwise, June 1 stocks will be historically tight relative to consumption and there won’t be much tolerance in the US balance sheet for enlarged feed/residual use. ARC estimates Mar-May feed/residual disappearance at…
Governments worldwide are proactively combatting decades-high inflation by raising interest rates for the first time since 2009’s global recession. This will no doubt impact discretionary spending beginning in 2023, but is unlikely to materially impact food consumption – which was been shown time and again to be highly inelastic. ARC notes that global grain and…
The key driver of South American soybean production has been the expansion of seeded area. In 2000, the total South American soybean area was 24.3 mil hectares. Area has steadily increased over the last 21 years by an average of 4%. The USDA’s new crop estimate for an average 4% increase in area for 2022/23,…
Net soil moisture loss has been ongoing in Europe since early spring, and model guidance into the middle part of July suggests soil moisture loss will continue. The graphic below shows current subsurface soil moisture (left) and subsurface moisture a year ago in mid-June. Most concerning is the lack of available moisture in France and…
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