NOPA reported a December soybean crush rate of 186.4 Mil Bu. This was a 7 Mil Bu (4%) increase over November and a 3 Mil Bu (2%) increase over last year. The December NOPA crush figure was not only record large for December, but it was also the largest ever 1-month NOPA crush rate ever…
The January Crop Report showed that total US hay production in 2021 fell 6.6 million tons (5%) to 120 million tons. This was the lowest production rate since 2012 and the second-lowest since 1974! Additionally, this was the largest year-over-year decline in the last 9 years. Not surprisingly, the largest declines in production occurred in…
US and world wheat markets continue to ease amid record Southern Hemisphere production and as non-traditional exporters such as India begin to fill demand from neighboring countries. At multi-year prices, it makes sense for countries such as India to fill gaps left but other major exporters, but in the long run ARC’s work suggests that…
Notice that US corn stocks decline further in 22/23 even amid normal weather as the surge in fertilizer costs stresses producer balance sheets outside of the principal Midwest. Additionally, winter wheat seeding rising 750,000 acres strips land from spring crops across the Plains and Midwest – note that combined SRW seedings in IL, KY, MO…
Brazil’s crop forecasting agency CONAB released its January crop report on Tuesday, ahead of the USDA reports. As expected, CONAB lowered its national soybean yield and production estimates. However, CONAB’s estimates are based on surveys that were conducted in late December and have not likely captured all of the crop losses that have occurred in…
