USDA’s March Hog census found the US hog herd was just 1% larger than a year ago on 1 March 2024 and just under the record large March count established in 2020. March market hog numbers were also up 1% from the same time in 2023 while hogs retained for Read more…
USDA’s March Planting Intentions Survey found US farmers planning to plant 87 million acres to soybeans this spring, a 3 million acre increase from planted area a year ago. Soybeans appear set to take available US farmland primarily at the expense of corn cultivation. US soybean area forecast from the Read more…
US farmers plan to reduce corn planted area in 2024 to 90 million acres from the 94 million acres planted a year ago. The accompanying US corn supply/usage table is based on USDA’s baseline forecasts, published last month, with the March planting survey acreage substituted (91 million acres in the Read more…
Feedlots increased both feeder placements and finished cattle sales in February 2024. Cattle on feed March 1 was up 1% from a year ago. Based on feeder placemats over the last six months cattle marketed in the next six months will likely decline 3% year over year. Cattle weights at Read more…
July 2024 soybean meal is trading more than $100 under July 2023 Soybean meal at the same time last year. The prospect of a record large South American soybean crop (the bulk of which is harvested from February through April) has weighed on US old crop soybeans and soybean meal Read more…
US feeder cattle supplies appear to be the tightest this century. In The accompanying scatter studies we have set deliverable feeder cattle price as a function of the April feeder cattle supply as calculated by USDA. The points for 2024 are based on data available in Mid March 2024 and Read more…
We estimate the US hog herd on March 1, 2024 at 75 million head, up 2% year over year and just under the spring record recorded in March 2020. The number of hogs kept for herd maintenance on March 1 2024 was down 3% from a year ago as Read more…
Ethanol producers have enjoyed favorable margins this season despite weaker ethanol prices. Cheaper corn has been the key to improved ethanol production profitability Because of the highly subsidized state of ethanol production the quantity of corn used by ethanol plants is relatively inelastic with respect to raw margins. Last month Read more…