Modest volumes were traded today, except HRW and Lean Hogs where there was some added play. For the week overall, the bears were in charge with weather and Ukraine the overriding factors. Neither of those influences are definitive. In fact, Russia lowered its export tax on wheat to facilitate sluggish movement. For the week, prices are lower, net long positions in corn increased by 29 percent, but fell 8.5 percent for soybeans.
Ukraine’s wheat crop is down 40 percent this year and McKinsey predicts problems will continue with overall grain production down 35-45 percent from its peak. Then they cited fertilizer shortages to conclude that grain prices will remain high into 2023. This is supported by futures where:
Deferred corn...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
