The February WASDE typically generates few surprises. In that sense, today’s report stands out as containing some changes that exceeded expectations. The surprises, if that is what they should be called, are not a matter of direction but of degree. And they involve changes in U.S. supply/demand for 2017/18, not the revisions made to Argentine and Brazilian production estimates. The tables below provide some of the key 2017/18 numbers from today’s WASDE.
Following are some more specific comments: Corn - USDA increased estimated U.S. corn exports by 125 million bushels, which was not unexpected. We have often noted during the past few weeks that the pace of export sales was rising as U.S. corn became competitive in the world m...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
