WASDE Soybeans
USDA increased U.S. soybean ending stocks for 2023/24 by 25 million bushels to 340 million. The U.S. season-average soybean price for 2023/24 is forecast at $12.55 per bushel, down 10 cents. Soybean meal and oil prices are unchanged at $380 per short ton and 49 cents per pound, respectively. Gl...
Market Commentary: Grains Fall After Bullish USDA Reports; Panic Not Finished in Cattle Markets
The CBOT was mostly red on Monday with traders seeing little reason to buy the soy complex after a benign and semi-bearish Grain Stocks and acreage reports for soybeans. Further, they saw little reason to keep buying corn and wheat amid large on-farm stocks and amply supplied global balance she...
Duck Data
The USDA attache’s office in New Delhi reports that India issued revised import rules last month for premium duck meat. The tariff was reduced from 30 percent to 5 percent, and standards were announced for selling the meat to at least three-star hotels and restaurants approved by the gove...
WASDE Soybeans
Soybeans: USDA’s March estimate is that U.S. soybean supply and use for 2023/24 is unchanged from February. The U.S. season-average soybean price and the soybean meal price forecasts are unchanged for 2023/24. The soybean oil price is reduced 2 cents to 49 cents per pound. Glo...
Market Commentary: Wheat Rallies on Hail in India; Corn, Soy Turn Higher on Technical Buying
The CBOT was mostly higher to start the week with unexpected hail and rain damage to India’s wheat crop lifting world wheat markets while corn and soybeans followed through on last week’s supportive technical trade. Funds were net buyers across the CBOT for the day despite holding a...
WASDE Soybeans
USDA’s February estimate is for U.S. soybean ending stocks to increase by 35 million bushels to 315 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.65 per bushel, down $0.10 from last month. The soybean meal price is forecast unchanged at $380 per sho...
Targeting India’s Rice Subsidies
At the behest of the domestic rice industry, U.S. House Ways & Means Committee Chair Jason Smith (R-MO) asked the U.S. International Trade Commission to conduct Section 332 fact-finding investigation of global competitiveness in rice, which the industry claims is skewed by unfair trade prac...
WASDE Soybeans
USDA reduced the 2023/24 season-average U.S. soybean price by 15 cents to $12.75 per bushel. The soybean meal price is projected at $380 per short ton, down 10 dollars. The soybean oil price is forecast at 54 cents per pound, down 3 cents. Global soybean production is raised 0.1 million tons to...
Eyes Open on India
USDA is leading a trade mission to India, noting that it is 1.4 billion people or 18 percent of the global population but accounts for less than one percent of U.S. agricultural exports. Average tariff rates tend to be higher in developing countries and lower in developed countries. But India&r...
India’s Rice Squeeze
The New Delhi playbook for staple crops is to offer farmers a generous Minimum Support Price (MSP), donate the extra output to the nation’s poor, and then dump on the world market any surpluses that would otherwise depress domestic prices. India’s rice surplus was around a quarter o...
WASDE Soybeans
Soybeans: USDA’s outlook for 2023/24 is higher U.S. ending stocks, up 25 million on higher yields, to 245 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.90 per bushel, unchanged from last month. The soybean oil price was reduced 2.0 cents to 61.0 cen...
White Commodities Focus
White commodities is an American euphemism for three crops, cotton, rise, and sugar, that are all white in color and each have statutory programs considered complex or unique. They are generally produced in the U.S. south, and their traits include: Cotton: A chemically intensive crop with the l...
WASDE Soybeans
USDA kept their estimate unchanged at 220 million bushels for U.S. soybean ending stocks. The estimate for U.S. production was reduced 42 million on lower yields, but beginning stocks were increased and soybean exports reduced 35 million bushels to 1.76 billion (due to increased competition fro...
WASDE Soybeans
USDA reduced U.S. soybean stocks for 2023/24 to 220 million bushels, down 25 million from last month. Global soybean ending stocks are reduced 0.2 million tons to 119.2 million. The season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month. The soybean meal p...
India’s Day in the Sun; Rapporteur Inflation
India’s Day in the Sun The G20 meeting occurs this coming weekend in the New Delhi convention center and India is making the most of its central role in the event. Although Russian President Vladmir Putin and Chinese President Xi Jinping will be skipping the event, they may not be missing...
Bent, Not Broken
The recent BRICS+ meeting in South Africa highlighted some of the animosity toward a world order long dominated by countries comprising just a minority of the world’s population. However, the Western model is difficult to undo for many reasons. From the standpoint of its architects, it pr...
BRICS Domination
The BRICS countries (Brazil, Russia, India, China, South Africa) meeting in South Africa are being noted for contributing a higher share (31.5 percent) to global GDP than the G7 (30.7 percent). They also comprise 26.7 percent of the world's land surface and 41.5 percent of the global population...
Feast or Famine
The COVID supply chain meltdown created anxiety over the availability of agricultural inputs. This compelled many operators to look forward and lock in their needs for 2023, often at elevated prices. This buy-high insurance marker has been met with ammonia prices that have now fallen by 50 perc...
WASDE Soybeans
USDA reduced their estimate for U.S. soybean ending stocks to 245 million bushels, down 55 million from last month. The first survey-based soybean yield forecast of 50.9 bushels per acre is reduced 1.1 bushels from last month. The U.S. season-average soybean price for 2023/24 is forecast...
India's Prolific Agriculture
India is the world’s ninth largest agricultural exporter. The Biden Administration wants to negotiate with India on agricultural trade access, but New Delhi has a good thing going. Its agricultural trade surplus with the world has been growing, and more than a third of the reason is trade...
New Era for Sweet
The world’s two largest sugar producing and exporting nations, Brazil and India, also use part of their output to make ethanol. Brazil has a long history of doing so but it has not changed the relative share of sugar that is exported. By contrast, and as predicted, India’s share of...
Exporting Food Insecurity
New Delhi is always one of the first capitals to raise the issue of food insecurity in international fora. It concurrently argues that agricultural subsidies by rich countries worsen global food insecurity while its own policies and subsidies are designed to lessen the problem. But rich countri...
WASDE Soybeans
Soybeans: USDA reduced their July estimate for 2023/24 U.S. ending stocks to 300 million bushels, 50 million lower than last month. The U.S. season-average soybean price for 2023/24 is forecast at $12.40 per bushel, up $0.30 from last month. The soybean meal price is projected at $375.00...
Fungibility for Food Security
There is speculation that rice prices will increase due a smaller crop in India, the world’s largest exporter, and the impacts of El Niño. That is not currently reflected in futures prices, which have fallen 18 percent from their high at the beginning of the year. India’s ric...
WASDE Soybeans
USDA increased U.S. soybean ending stocks for 2023/24 by 25 million bushels to 340 million. The U.S. season-average soybean price for 2023/24 is forecast at $12.55 per bushel, down 10 cents. Soybean meal and oil prices are unchanged at $380 per short ton and 49 cents per pound, respectively. Gl...
Market Commentary: Grains Fall After Bullish USDA Reports; Panic Not Finished in Cattle Markets
The CBOT was mostly red on Monday with traders seeing little reason to buy the soy complex after a benign and semi-bearish Grain Stocks and acreage reports for soybeans. Further, they saw little reason to keep buying corn and wheat amid large on-farm stocks and amply supplied global balance she...
Duck Data
The USDA attache’s office in New Delhi reports that India issued revised import rules last month for premium duck meat. The tariff was reduced from 30 percent to 5 percent, and standards were announced for selling the meat to at least three-star hotels and restaurants approved by the gove...
WASDE Soybeans
Soybeans: USDA’s March estimate is that U.S. soybean supply and use for 2023/24 is unchanged from February. The U.S. season-average soybean price and the soybean meal price forecasts are unchanged for 2023/24. The soybean oil price is reduced 2 cents to 49 cents per pound. Glo...
Market Commentary: Wheat Rallies on Hail in India; Corn, Soy Turn Higher on Technical Buying
The CBOT was mostly higher to start the week with unexpected hail and rain damage to India’s wheat crop lifting world wheat markets while corn and soybeans followed through on last week’s supportive technical trade. Funds were net buyers across the CBOT for the day despite holding a...
WASDE Soybeans
USDA’s February estimate is for U.S. soybean ending stocks to increase by 35 million bushels to 315 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.65 per bushel, down $0.10 from last month. The soybean meal price is forecast unchanged at $380 per sho...
Targeting India’s Rice Subsidies
At the behest of the domestic rice industry, U.S. House Ways & Means Committee Chair Jason Smith (R-MO) asked the U.S. International Trade Commission to conduct Section 332 fact-finding investigation of global competitiveness in rice, which the industry claims is skewed by unfair trade prac...
WASDE Soybeans
USDA reduced the 2023/24 season-average U.S. soybean price by 15 cents to $12.75 per bushel. The soybean meal price is projected at $380 per short ton, down 10 dollars. The soybean oil price is forecast at 54 cents per pound, down 3 cents. Global soybean production is raised 0.1 million tons to...
Eyes Open on India
USDA is leading a trade mission to India, noting that it is 1.4 billion people or 18 percent of the global population but accounts for less than one percent of U.S. agricultural exports. Average tariff rates tend to be higher in developing countries and lower in developed countries. But India&r...
India’s Rice Squeeze
The New Delhi playbook for staple crops is to offer farmers a generous Minimum Support Price (MSP), donate the extra output to the nation’s poor, and then dump on the world market any surpluses that would otherwise depress domestic prices. India’s rice surplus was around a quarter o...
WASDE Soybeans
Soybeans: USDA’s outlook for 2023/24 is higher U.S. ending stocks, up 25 million on higher yields, to 245 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.90 per bushel, unchanged from last month. The soybean oil price was reduced 2.0 cents to 61.0 cen...
White Commodities Focus
White commodities is an American euphemism for three crops, cotton, rise, and sugar, that are all white in color and each have statutory programs considered complex or unique. They are generally produced in the U.S. south, and their traits include: Cotton: A chemically intensive crop with the l...
WASDE Soybeans
USDA kept their estimate unchanged at 220 million bushels for U.S. soybean ending stocks. The estimate for U.S. production was reduced 42 million on lower yields, but beginning stocks were increased and soybean exports reduced 35 million bushels to 1.76 billion (due to increased competition fro...
WASDE Soybeans
USDA reduced U.S. soybean stocks for 2023/24 to 220 million bushels, down 25 million from last month. Global soybean ending stocks are reduced 0.2 million tons to 119.2 million. The season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month. The soybean meal p...
India’s Day in the Sun; Rapporteur Inflation
India’s Day in the Sun The G20 meeting occurs this coming weekend in the New Delhi convention center and India is making the most of its central role in the event. Although Russian President Vladmir Putin and Chinese President Xi Jinping will be skipping the event, they may not be missing...
Bent, Not Broken
The recent BRICS+ meeting in South Africa highlighted some of the animosity toward a world order long dominated by countries comprising just a minority of the world’s population. However, the Western model is difficult to undo for many reasons. From the standpoint of its architects, it pr...
BRICS Domination
The BRICS countries (Brazil, Russia, India, China, South Africa) meeting in South Africa are being noted for contributing a higher share (31.5 percent) to global GDP than the G7 (30.7 percent). They also comprise 26.7 percent of the world's land surface and 41.5 percent of the global population...
Feast or Famine
The COVID supply chain meltdown created anxiety over the availability of agricultural inputs. This compelled many operators to look forward and lock in their needs for 2023, often at elevated prices. This buy-high insurance marker has been met with ammonia prices that have now fallen by 50 perc...
WASDE Soybeans
USDA reduced their estimate for U.S. soybean ending stocks to 245 million bushels, down 55 million from last month. The first survey-based soybean yield forecast of 50.9 bushels per acre is reduced 1.1 bushels from last month. The U.S. season-average soybean price for 2023/24 is forecast...
India's Prolific Agriculture
India is the world’s ninth largest agricultural exporter. The Biden Administration wants to negotiate with India on agricultural trade access, but New Delhi has a good thing going. Its agricultural trade surplus with the world has been growing, and more than a third of the reason is trade...
New Era for Sweet
The world’s two largest sugar producing and exporting nations, Brazil and India, also use part of their output to make ethanol. Brazil has a long history of doing so but it has not changed the relative share of sugar that is exported. By contrast, and as predicted, India’s share of...
Exporting Food Insecurity
New Delhi is always one of the first capitals to raise the issue of food insecurity in international fora. It concurrently argues that agricultural subsidies by rich countries worsen global food insecurity while its own policies and subsidies are designed to lessen the problem. But rich countri...
WASDE Soybeans
Soybeans: USDA reduced their July estimate for 2023/24 U.S. ending stocks to 300 million bushels, 50 million lower than last month. The U.S. season-average soybean price for 2023/24 is forecast at $12.40 per bushel, up $0.30 from last month. The soybean meal price is projected at $375.00...
Fungibility for Food Security
There is speculation that rice prices will increase due a smaller crop in India, the world’s largest exporter, and the impacts of El Niño. That is not currently reflected in futures prices, which have fallen 18 percent from their high at the beginning of the year. India’s ric...