USDA maintains soybean S&D despite trade uncertainty

USDA left the domestic soybean balance sheet practically unchanged in this week’s crop report, perhaps due to uncertainty over U.S.-China trade relations. After the G20 meeting, the U.S. and Chinese presidents were eager to signal that the trade war could be resolved. Both agreed [...]

Signs of faltering ethanol demand?

After more than a year of record ethanol output, production may finally be starting to slow. In its December WASDE report, USDA reduced total corn demand for ethanol manufacturing by 50 million bushels to 5.6 billion bushels for 2018/19.  Ethanol margins have been squeezed by low crude oil prices paired with an increase in corn futures prices. Ethanol futures, conversely, reached the lowest [...]

2017/18 corn, soybean stocks end higher than expected

In today’s Grain Stocks report, USDA put corn stocks for 2017/18 at 2.140 billion bushels, up from 2.002 billion USDA estimated earlier in September. In the Sep. 12 WASDE report, USDA had lowered projected stocks from 2.027 billion bushels to 2.002 billion based on [...]

USDA forecasts record 2018/19 soybean ending stocks

Friday’s WASDE report was undoubtedly bearish, led by the unexpected hike in soybean ending stocks. Ahead of the report, analysts were projecting 2018/19 soybean yield to increase, with the average of expectations being around 49.8 bushels per acre (bpa). USDA’s much stronger increase to [...]

Cattle on feed still up 4 percent as summer begins

U.S. cattle on feed totaled 11.3 million head as of July 1, reflecting the month-over-month decline expected for this time of year but up 4 percent year over year. The U.S. herd was counted at 41.9 million head as of the beginning of the [...]

Record soybean stocks push futures near ten-year low

USDA did not sugarcoat the impact that the current trade disputes could have on U.S. soybeans by decreasing exports. USDA now projects 2108/19 soybean exports 250 million bushels lower at 2.2 billion bushels. As a result, 2018/19 ending stocks are now forecast to rise [...]