As of Feb. 1, U.S. cattle on feed totaled just over 12.1 million head, the second highest February total since reporting began in 1996. Inventory was up 1 percent from January and up about 1 percent YOY, slightly above industry expectations. The high number [...]
Last week’s WASDE report confirmed the trade’s expectation of declining domestic soybean stocks. Now pegged at 120 million bushels, U.S. soybean stocks are poised to touch their lowest level since 2013/14. After an initial bullish market reaction, futures traded lower on Wednesday before climbing [...]
In the February WASDE, USDA raised its 2020/21 corn exports forecast by 50 million bushels to 2.600 billion bushels. This dropped USDA’s 2020/21 U.S. corn ending stock forecast by 50 million bushels to 1.502 billion bushels, notably above the average industry estimates of 1.384 [...]
Corn prices traded in a relatively narrow range of about $0.10 per bushel last week. Traders were also positioning ahead of what is expected to be a fairly bullish WASDE report tomorrow as the market foresees the potential for additional declines to ending stocks [...]
In the January WASDE, USDA dropped its total 2020/21 U.S. corn supply estimate by 400 million bushels, with new crop production now estimated at 14.182 billion bushels, down 325 million bushels from the December estimate. USDA’s cuts to domestic use and exports in 2020/21 [...]
Corn futures have posted an astounding rally that began in the middle of December and accelerated through the first week of January. Supported by expectations of an additional downward revision to 2020/21 domestic and Argentine production and a weak dollar’s perceived impact on export [...]
The U.S. exported 2.7 MMT of soybeans during the week ending Dec. 3—70 percent of which was destined for China—which raised the cumulative total for the marketing year to 29.8 MMT (1.1 billion bushels), up 71 percent from last season to date and a [...]
Soy complex futures closed on Friday nearly flat with the week’s start. Last Thursday’s WASDE report reflected a smaller-than-expected downward revision in U.S. soybean stocks, leaving the market little to get excited about. Global soybean stocks were lowered by about 1 MMT. The only [...]
