USDA ‘s June area planted survey found soybean planted area at 83.5 million acres compared to the March estimate of 87.5 million acres. The 4 million acre change from March to the June census is the second largest after the 4.5 million acre loss in 2019. Plugging the new data Read more
The USDA’s June 1,2023 survey found US market hog supplies up less than 1% year over year. Barring a major data error market hog slaughter during the second half of 2023 will be about equal to that of 2022. A hogs process forecast model based on original market hog data Read more
USDA reported the number of cattle on feed June 1. 2023, down three percent from a year ago. Both feeder cattle placements and finished cattle marketings increased in May 2023 compared to a year ago. Fed cattle account for about 60% of US cattle total slaughter. We have calculated estimates Read more
Dry weather in the Midwest and Delta has jumped started the soybean futures market. The mid June US soybean crop rating from USDA was 54% good or excellent compared to the preceding 30-year average of 65% in the comparable week. Based on experience in the past a rating exceeding at Read more
USDA rated just 55% of the US corn crop in good to excellent condition on 6/18/2023 compared to the average mid June rating of 67% in the preceding 36 years. A model using the mid June crop rating to forecast the final US national average corn yield projects a yield Read more
We estimate the July 1, 2023 US cattle inventory at 96 million head, compared to 99 million head a year ago and the second smallest mid-calendar year count since data was first collected in 1973. The July USDA Cattle Report is scheduled for release July 21, 2023. Read more
Dry weather in parts of the Corn Belt and Delta has soybeans rated less than average by the USDA. In the week ending 6/11/23 USDA crop observers rated 59% of the US soybean crop in good or excellent condition compared to the June average of 62% in the years Read more
The 2023-2024 El Niño Southern Oscillation (ENSO) is currently in a weak phase . However, the US National Weather Service has published an update suggesting there is a 60% chance of El Niño developing by the end of the year. If El Niño does develop, it is likely to be Read more
The U.S. Department of Agriculture (USDA) released its June 9, 2023, corn supply/usage report, which showed a larger crop and lower prices for the upcoming marketing year. The USDA’s US corn production forecast for 2023/24 maintained the May level of 15.3 billion bushels, up 11% from last year’s crop. The Read more