USDA reports always keep you up at night and yesterday's numbers were no different. Here are a few items worth noting:
U.S. hard red winter wheat (HRW) production actually increased when many crop people on the ground who are following the harvest strongly believe the crop will be closer to 700 million bushels than to the 791 reported by USDA/NASS yesterday. That is not a trivial difference. One source told me he believes that HRW production in Kansas and Oklahoma is overstated by 20 percent.
HRW basis levels are sky high at the end of harvest. Does that suggest yields were good?
Many elevators/silos in the drier 50 percent of the HRW region will handle no more than 20 percent of a normal harvest volume. China's wheat...
What You Need to Know Today: U.S. weather is getting more attention this week as conditions vary greatly across the western, central, and eastern corn belts, with the different regions battling dryness and too much rain simultaneously. The ProFarmer Crop Tour began today in Indiana and Nebrask...
Key Takeaways: Argentina is on pace for a record corn crop and record exports in the current marketing year, with abundant supplies likely to keep the country highly competitive in global export markets. Argentina’s record exportable surplus is allowing it to offer highly competitive pri...
