USDA’s August production and supply/demand estimates were (again) bearish for soybeans, neutral-to-bearish corn and slightly bullish wheat. Following are some of the report highlights/surprises:
The markets were expecting small U.S. corn and soybean yield increases. However, USDA raised corn to the high side of estimates and increased the soybean yield a whopping 3.1 bushels/acre from the July estimate. USDA raised corn export demand, and that partially offset the production increase. Nevertheless, corn ending supplies were pushed higher by 132 million bushels from the July estimate. That is not an overly bearish number. The soybean yield estimate was a real WOW and pushed U.S. ending supplies to almost 800 million bushels...
Given yesterday’s headlines, today’s market action may not be what many expected. The dollar is little changed, crude oil is pulling back and stocks are trading higher. Crude may be the biggest piece of today’s reversal. Saudi Arabia is offering additional crude to Asian buyer...
Key Takeaways: Managed money is holding more than one million net-long contracts across agricultural markets, with corn, soybeans, and soymeal all reaching record net-long positions in September. Fundamental concerns surrounding yields, supplies, and global availability have helped justify the...
Under an Executive Order on 4 September, USDA announced $50 million in new funding to help states establish or expand meat and poultry inspection programs as part of an effort to increase processing options for livestock producers. It’s called the Stand-Up Program, which will help states...
