USDA publishes its long term 10-year outlook every year in February at the annual Ag Outlook Conference – the last was February 2022. The outlook is initially based on the October WASDE report, and it is then updated until released in February. Yesterday, the U.S. portion (i.e., no global forecasts) of the early release was issued. This preliminary outlook is based on modeling, but bakes in a few key assumptions based on where things are at the end of the crop year.
The forecast assumes much higher yields at 181.5 bushels per acre (bpa) in MY 2023/24, compared to 2022/23 yield of 171.9 bpa – about a 6 percent jump. That would boost the ending stocks to use back into double digits at 11.6 percent. The long-term trend for yield...
What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...
On Friday, at 6:57 AM, President Donald Trump announced, via a social media post, a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas—a move aimed at bringing down costs for American consumers. This is the secon...
