Today’s Drought Monitor map (see below) reflects the worsening moisture conditions across the heart of the U.S. production belt.
Worse, the heat is about to intensify and thus quickly deepen the root level water deficit. Already 57 percent of the corn and 51 percent of the soybeans are in drought. Some have compared the map to June of 2012, a similarly early drought year that saw corn production fall by 12.5 percent. Soybeans are less impacted by early season dryness but in 2012 production fell by 2.3 percent. The market reacted today by larding up on weather premium. Corn and soybean prices are now at two- and one-month highs, respectively. USDA’s export sales report was better overall than a week earlier. Whea...
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...
