The last week of the 2022/23 marketing year included a net reduction in corn sales of 1.0 million bushels and shipments of just 20 million bushels, half of which were headed to Mexico. As of Aug. 31, about 44 million bushels remained in outstanding [...]
The September WASDE forecasts are always insightful for new-crop sugar production as early beet harvest is underway at many of the cooperatives, and cane harvest is just a couple weeks away. This report did not disappoint with beet production increased 150,000 STRV to 5.223 [...]
Corn outlook The 2023/24 U.S. corn outlook is for greater production at 15.1 billion bushels due to an increase in harvested area offsetting a reduction in yield. Corn supplies and ending stocks are also up compared to last month’s projections, while use remains unchanged. [...]
The most interesting changes to the USDA supply and demand estimates this month were increases in imports and the follow up on lowered food use deliveries. USDA raised 2022/23 imports by 159,000 STRV on program imports being raised 75,000—after a cut of 125,000 STRV last [...]
Old-crop exports were just over 411,415 MT during the week ending Jul. 20, the smallest volume for the week since July 2013. There is speculation that 2022/23 exports may miss USDA’s most recent forecast of 41.9 MMT, given the slow pace of shipments. Net [...]
Average daily ethanol production was 1.094 million barrels during the week ending Jul. 21, marking five consecutive weeks of year-over-year growth and putting production at the highest weekly level since late October 2021. Cumulative 2022/23 corn use for ethanol was around 4.68 billion bushels, [...]
Corn outlook The 2023/24 U.S. corn outlook is for reduced supplies, lower domestic use, smaller exports, and tighter ending stocks. U.S. corn production is forecast 15.1 billion bushels, down 209 million from the July’s projection. Soybean outlook The 2023/24 outlook for U.S. soybeans [...]
The updated wheat plantings estimate came in with fewer acres, now projected at 49.6 million acres vs. 49.9 million in the Mar. 31 planting intentions report, the revisions were not a surprise and, overall, are largely neutral to the wheat markets. All wheat classes [...]
