The USDA has scheduled the first winter wheat production estimate for the 2024 season for May 10, 2024. This week USDA rated the 2024 winter crop at 49% good or excellent compared to ratings in the mid 20 percent range in 2022 and 2023. A model based on the correlation Read more…
December soybean meal is trading on the low side of livestock prices based on the last 50 years of historical data. We have charted the June/August price range for December soybean meal divided by the livestock price index published by the USDA. The point for 2024 is calculated using the Read more…
USDA has scheduled the first WASDE report of the season that will include a prospective US corn supply/usage balance for the 2024/2025 crop year. The only survey backed data in the May report is the planted area estimate taken from the March Prospective Planting Report. The remainder of the 2024/25 Read more…
USDA reported a sharp drop in cattle feedlot activity in March 2024. Net feeder cattle placements declined 13% on a year over year basis. March finished cattle marketing declined 14%. The inventory of cattle on feed April 1, 2024 was 1% larger than a year ago. Feedlot operators are feeding Read more…
New crop US soybean sales totaled only 17 million bushels on April 11 which is the smallest total for that date since the 2002/2003 crop year. Export traders prefer to depend on South American soybean supplies as the huge 2024 in Brazil and Argentina crop will last well into the Read more…
USDA expects US pork production to increase 3% in 2024 and 1% in 2025. US pork imports are expected to increase 5% in 2024 and decline 1% in 2025. US pork exports, which have been much larger than imports in recent years, are expected to increase 8% this year and Read more…
USDA expects US beef production to drop 2% year over year in 2025 after a similar reduction in 2024. US per capita beef supply in 2025 could decline 4% compared to 2024 which USDA has forecast down 1% from 2023 US beef supply. US Beef Supply/Usage (Million Pounds) Annual Read more…
USDA rated 56% of the US winter wheat in good or excellent on 3/31/24 compared with the previous 35-year average of 49%. The rating would suggest the 2024 US winter wheat yield could be near the trend established in the period from 1988 through 2023. Winter wheat yield lagged trend Read more…
USDA’ March Planting Intentions survey found US wheat farmers planning to reduce planted area this year. The reduction was confined to winter wheat which was seeded last autumn. Spring wheat area may expand modestly, but not enough to make up for the winter wheat decline. We have calculated a US Read more…