World corn trade has surged since the doldrums of October, with wheat no longer priced as a feedgrain and as inherent global corn demand will be record large in 2021/22. The attached graphic shows the seasonal evolution of monthly corn export shipments from the seven largest exporters. Most noticeably, trade in recent months not…
The USDA’s 98th Annual Outlook Forum will kick off with a presentation from USDA Chief Economist Seth Meyer on Thursday. His presentation will feature the USDA’s best guess at US planted acres for the four principal crops in 2022. The estimates are not survey-based like the March Prospective Plantings report but are WASDE’s best guess…
It’s not just grain – oilseed and energy markets have rallied swiftly and sharply over the last 12 months. But there are other ag markets that have preformed more handsomely. The attached graphic shows the evolution of US dairy markets over the last 12 months, with spot cash butter more than doubling and other dairy…
Agriculture interest rates peaked in the 3rd quarter of 2018 and have steadily declined and slipped to historic lows in 2021. However, rates stabilized late in the year and have likely forged long-term lows as US inflation soars. The Chicago Federal Reserve’s latest Ag Letter showed district-wide rates on operating loans averaged 4.34% in the…
The January NOPA crush rate was slightly below trade estimates and just below last year at 182.2 Mil Bu. The crush rate was 2.4 Mil Bu less than a year ago, but still the second-largest January crush rate. NOPA indicated that the January crush data also included a new NOPA member. Compared to a year…
