China’s corn market is not behaving like one that just experienced record production and stocks building. USDA pegged final Chinese corn production at 288 MMTs, up 12 MMTs on last year. Yield was a record high 104 BPA. ARC notes that, according to China and the USDA, meaningful yield loss has not occurred in China…
AgResource’s research maintains that the risk to Brazilian corn production is rising due to eroding subsoil moisture in Center-West Brazil and consistently dry Mar-April forecast advertised across Mato Grosso/Goias. ARC reiterates that below normal rainfall in March typically foreshadows a prolonged period of heat/dryness into Apr/May. Already below normal precip is forecast into March 10th,…
Nearby Paris wheat futures have been unwilling to break below key support at €195/MT ahead of the 2024 growing season – which AgResource’s work suggests is critical to global stocks. Additionally, EU wheat export demand has been rejuvenated since January. No longer are EU wheat end stocks expected to balloon to burdensome levels. On the…
The February Cattle on Feed report was bearish on the placements via an additional 90,000 head vs expectations. The report confirmed another month with on-feed figures above a year ago, but just barely. The February 1st inventory was reported at 11.8 Mil head, a 0.4% increase from last year. The feedlot inventory fell by 133,000…
The corn market is looking for demand at a time when US stocks are large and Argentina looks to avoid major yield issues. ARC has also highlighted this week the resurgence of Ukrainian export shipments to pre-war levels, and along the availability of lower protein wheat, feed markets are well supplied. Spot CBOT corn at…
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