ARC’s updated US corn yield estimate is 172 Bu/Acre, which is in part driven by recent crop tour findings and in part by the ongoing lack of precip recorded in KS, NE, SD and important areas of the Dakotas and IA. Relative to NASS’s forecasts in August, yields are raised across the Upper Midwest &…
Following the release of monthly NASS & EIA ethanol data, AgResource estimates ethanol’s final 21/22 corn demand draw at 5,342 Mil Bu, just 8 Mil shy of the USDA’s current forecast. Outright ethanol production totals during spring and summer were lofty relative to expectations given near record Midwest cash corn prices. However, offsetting this was…
The return of Ukrainian fob offers has shaken nearby cash markets in Brazil & Argentina, and indeed ARC’s research suggests that Ukrainian corn exports – more so than weather in South America – will be the principal driver of corn prices in the long run. The attached graphic shows that not only has Ukraine’s corn…
US new crop soybean export sales through Aug 18th totaled 626 Mil Bu, a 53 Mil Bu increase over last year, which is largely due to increased export sales to China. Sales to China are 109 Mil Bu larger than a year ago, while sales to the rest of the world are 57 Mil Bu…
Stats Canada released its first official Canadian crop estimates, which in August is heavily weighted towards satellite imagery. Image-based estimates must be taken with caution, but not until harvest is completed will Stats Can publish more accurate numbers in late November. 2022 Canadian wheat production is now pegged at 34.6 MMTs, vs. USDA’s 35.0. Canola…
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