Stats Canada released its initial planting estimates for Canada this morning, which included several significant surprises such as the following:
Canola acreage is forecast to drop 7 percent from 2017, well below the trade’s pre-report guesses. This is likely the result of last year’s struggles with very dry conditions across the southern Canadian prairies. Canola is an expensive crop to plant, and Saskatchewan farmers say they will cut that acreage 10 percent from last year’s record. Soybean acreage is also expected to drop 11 percent. Spring wheat acreage is projected to increase a whopping 15.4 percent from last year. The surprise isn’t that this acreage will be higher, it’s the magnitude of the increase...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
