June WASDEs typically provide few surprises and little market movement. Taken individually, not one of USDA’s new estimates and projections is very surprising. Collectively, they emphasize a trend that markets have been slow to acknowledge, which is that U.S. and world supplies of grain and soybeans have declined in 2017/18 and are almost certain to decrease further in 2018/19. This has sponsored a generally bullish reaction from futures markets. The tables below show the key numbers from the June WASDE released today. Please note that all those for 2018/19 (except for U.S. wheat production) are USDA projections rather than estimates.
USDA estimates combined U.S. ending stocks of corn, soybeans and wheat will be 3.687 billion bush...
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...
