World wheat futures have recovered swiftly as odds that a humanitarian food corridor is created dwindle further following Russian attacks over the weekend. The market must again assume Ukrainian exports will be minimal until conflict ends, which very likely includes the entirety of the 2022/23 crop year. Additionally, Egypt’s tender result last week confirmed Russian…
Enrollment in Prevent Plant program will be mostly confined to the Northern Plains and NW Midwest, where unwanted rainfall and cool temps hindered seeding progress into late May. ARC maintains that final US corn planted area will be trimmed 1 Mil acres, but it’s spring wheat that will be most negatively impacted. The graphic shows…
US food inflation rates have been relatively stable since the 1980s – holding between 2-4%. There have been years like 1989-90 and 2008 when food inflation rates rose above 5%. But those were 1-2 year events that were quickly solved. US food inflation reached an all-time low in 2016 of 0.3% and has risen for…
The 2022 corn crop started out slow but made some significant strides in the last half of May. As of Sunday, 86% of the US corn crop had been planted, which was just behind the 5-year average of 87%. However, significant delays persist across the N Plains and upper Midwest regions. ND had planted 56%…
US milk and dairy product prices remain elevated, and weakness in the global dairy market in late April/early May was rather short-lived. Similar to other food and energy markets, there remains a need to increase production to alleviate regional supply shortages. And this is the reason why end user margins have so far not been…
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