USDA estimates old crop US soybean exports at 2.015 billion bushels. Recent soybean sales data suggest the USDA estimate may be optimistic. The accompanying chart and scatter study display indicates soybean sales are well behind previous years and the sales pace needed to make USDA’s current 2022/2023 export forecast. A Read more…
US finished cattle sales declined last month as did net feeder cattle placements. US cattle on feed April 1 were down 4% from the previous year. We have summarized and displayed our forecast for annual US cattle slaughter, beef production and finished cattle cash and futures prices in the accompanying Read more…
USDA is scheduled to release the first US soybean supply/usage balance of the 2023/24 season May 12, 2023. The accompanying table assumes the March Prospective Plantings report and trendline usage projects published in the Baseline database. Comments on the forecasts include … …USDA’s 2023 US soybean yield forecast appears optimistic. Read more…
The US new crop corn carryout will increase modestly assuming currently published USDA forecasts. The March planting intention survey forecast 2023 corn planted area at 92 million acres compared to 89 million acres in 2022. The March area forecast would result in a 15.1 billion bushel US corn crop assuming Read more…
The USDA estimated area planted to all wheat will increase significantly this season, but the poor condition of the winter wheat crop signals a tight supply/demand balance during the 2023/2024 crop year. Based on mid April reports we estimate the US wheat crop in 2023 at 1.76 billion bushels. USDA’s Read more…
USDA rated just 27% of the US winter wheat crop in good or excellent condition as of 4/09/2023 which is the lowest rating for the comparable week since crop ratings were first published in the mid 1980’s. The rating would suggest a May yield estimate of less than 48 bushels Read more…
USDA’s March planting intentions survey data signaled an increase in both winter wheat (planted last fall) , and spring wheat area. But early spring condition reports suggest only a modest year over year increase in US wheat production for the 2023 crop year. March area data and our early spring Read more…
USDA’s March planting survey found US farmers intending to plant about the same number of acres to soybeans as was seeded in 2022. The stated number of soybean acres would produce a US soybean crop of 4.4 billion bushels assuming trend yield. Comparative data is included in the accompanying table Read more…