The Quarterly grain stocks report estimated September 1 US corn stocks at 1.38 billion bushels, significantly less than the 1.53 billion bushels estimated in the last WASDE report. The difference implies old crop feed usage was stronger than expected and the USDA’s feed/residual forecast for crop year 2022/2023 is too Read more…
USDA reported the US hog herd was one million head fewer on September 1 2022, than one year ago and the fourth down year of the current hog inventory cycle. Market hogs on September 1 were off 1% an fraction suggesting a similar decline in commercial hog processing over the Read more…
In the September 2022 WASDE report USDA forecast the new crop US soybean carryout at 200 million bushels or 4.5% of usage which is very close to a minimum pipeline supply. The accompanying scatter studies display the harvest high and low for March soybeans as a function of the USDA’s Read more…
This month USDA forecast the new crop US corn carryout at 1.2 billion bushels or 13% of the estimate of Food Seed Industrial usage plus crop year US corn exports. The accompanying scatter studies display the harvest high and low for March corn as a function of the carryout/usage ratio since Read more…
US hog numbers likely declined over the summer to 74 million head on September 1 compared to 75 million head a year ago. High feed costs have kept hog production on the decline since the last hog cycle peak in 2019. Record high hog returns at farm level this summer Read more…