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: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Beef packer margins slipped modestly for the first time in four weeks, declining $15/head to -$78 as fed cattle prices firmed while boxed beef values continued to weaken. The Choice cutout eased another $2.63/cwt to $364.69, while dressed cattle prices fell only $2.76/cwt to $362.25/cwt, limiti...
Key Takeaways: Offal represents an important segment of global meat trade by adding value to underutilized portions of livestock carcasses and improving overall resource efficiency. Strong export demand for products such as pork variety meats and chicken feet allows processors to maximize carc...
