This month USDA reduced the US corn production estimate by 48 million bushels. The November corn estimate has been less than the October estimate in 17 of 25 years in which USDA reduced the production estimate in October. The November 2022 crop report is scheduled for release November 9, 2022. Read more
Feedlots increased finish cattle sales 4% last month but reduced the number of cattle placed by 4% in September 2022. Finished cattle marketings over the next seven months will increase fractionally on a year over year basis based on COF data. Cattle placements in the first nine months of the Read more
USDA has projected a fractional year over year increase in US pork production in 2023 and a modest decline in net pork exports. The USDA’s current forecasts suggest a modest increase in the domestic per capita pork supply n 2023 which is a key variable in the April lean hog Read more
The accompanying table displays a March Chicago wheat forecast range as anchored to March corn. We have adjusted wheat and corn prices to the 2022 price level based on the implicit GNP deflator. The Tables assume USDA’ s wheat supply/usage table as published in the October WASDE report . The Read more
Bullish Soybean traders were disappointed as the September Quarterly Grain Stocks Report revealed the old crop soybean carryout was 34 million bushels larger than USDA estimated just a few weeks earlier. The increase in carryout creates a negative residual in the 2021/2022 US soybean balance table and likely means the Read more