Today’s crop production and supply/demand estimates were considered slightly bullish for soybeans but neutral corn and wheat. Soybean futures traded more than 30 cents higher immediately after the report was released, and that pulled corn futures 6-7 cents higher as well with wheat initially steady. The tables below compare USDA’s actual numbers with those of September and the trade expectations for today’s report.
Wheat USDA increased U.S. ending supplies by 27 million bushels (730,000 MT) as a result of the reduction in feed/residual use. The U.S. wheat export forecast was left unchanged. Russia’s wheat production estimate was also raised from 81 MMT to 82 MMT. Argentine production was left unchanged, b...
What You Need to Know Today: The U.S. conducted “self-defense strikes” in Iran and said the two sides are “close” to negotiating a ceasefire. “Close” is a relative term, however, and even if 95 percent of the terms are agreed to, the remaining 5 percent is l...
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s Animal and Plant Health Inspection Service (APHIS) has updated its China export restrictions webpage to reflect that China has lifted HPAI-rel...
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn ethanol production has increased due to expanded second-crop corn production, sugarcane storage limitations, and biofuel policy. Brazil is e...
