USDA reported cattle on feed October 1 totaled 11.5 million head compared to 11.7 million head a year ago. Placements over the last six months suggests finished cattle marketings in the October 2021 through March 2022 period will fall fractionally from the same period in 2020/2021.
In the week ending 10/21/2021 the USDA calculated the Central Illinois soybean crush margin at $3.87/bushel, well in excess of the recent 4 year average $2.00 per bushel. Strong demand for biodiesel has been a major force supporting soybean oil prices and the crush margin. USDA has forecast a small Read more…
In the October WAOB report the USDA forecast the average soybean meal price for the 2021/2022 crop year at $325 per short ton. The accompanying scatter studies plot the high and low monthly values for soybean meal as a function of the USDA’s October price forecast. The studies suggest a Read more…
China soybean imports account for about a third of the combined U.S., Brazilian, and Argentine soybean crops. Chinese soybean demand is a linear function of Chinese soybean meal demand as China’s domestic soybean production variability is small compared to the size of crush needed to meet domestic protein consumption. This Read more…
The USDA has forecast a two pound drop in the domestic per capita beef supply in 2022. Beef production is forecast to drop three percent next year compared to production in 2021. Net beef exports are forecast to decline 100 million pounds in 2022 as foreign buyers are squeezed out Read more…
USDA increased the new crop US corn carryout to 1.5 billion bushels this month from 1.4 billion bushels in September. The corn carryout to crop year usage (excluding feed usage) ratio would calculate to 16% based on the October data compared to 15% in September. A 16% ratio would suggest Read more…
USDA increased the new crop soybean US soybean carryout forecast this month to 320 million bushels from 185 million bushels in September. The soybean carryout to crop year usage ratio would calculate to 7% based on the October data compared to 4% in September. A 7% ratio would suggest a Read more…
In the Small Grains report The USDA reduced the 2021 US wheat production estimate to 1646 million bushels from the August estimate of 1697 million bushels. USDA also published the quarterly wheat stocks (September 1) showing a total of 1780 million bushels, the least since the 2007/2008 crop year. We Read more…