Farmers had seeded 17% of intended corn area as of 4/25/21 compared to the preceding five year average of 20%. New crop corn is not yet the dominant force in the corn market as evidenced by old crop contracts gaining on new crop futures. Inverting spreads are the classic symptom Read more…
The USDA rated 49% of the US winter wheat crop in good or excellent condition on April 25. 2021 compared to 53% the previous week and 52% good-excellent average over the previous 33 years. A linear fit between the US winter wheat crop rating and yield results in a forecast Read more…
The March Prospective Planting survey found farmers intending to plant 87.6 million acres to soybeans this spring. Except in a favorable growing season that area won’t be enough to cover 2021/2022 US soybean usage as projected in the benchmark estimates published in February 2021. In the near term the market’s Read more…
The USDA has scheduled the first new crop corn supply/usage balance of the 2021/2022 crop year for May 12, 2021. In the accompanying balance table we have assumed US corn area planted at the March Prospective surrey level of 91 million acres and the February Benchmark data for the yield Read more…
USDA has increased the US beef production estimate in each of the last four months. Feedlot managers have operated at a higher percentage of capacity since last autumn than might be expected considering the cost of feed and the number of feeder cattle available. But an increase in net beef Read more…
We estimate cattle on feed April 1 at 11.7 million head, down from 12 million head a month earlier but still ahead of 11.3 million head a year ago. Our April 1 estimate assumes March marketings jumped to 2.05 million head versus 2.01 million head a year ago while placements Read more…
USDA forecasts all wheat planted area in 2021 at 47 million acres, up from 44 million acres a year ago. Production will fall short of usage in 2021/2022 assuming … … A trend yield of 49.5 bushels per harvested acre as projected by USDA. … New crop US wheat usage Read more…