Export demand for corn and sorghum has been a major force supporting a modest rally in old crop corn futures prices since the late winter. China has been a major swing factor increasing US sorghum purchases at the expense of US corn. Combined US corn and sorghum old crop export Read more
The US hog herd appears to have increased modestly over the past year. We estimate the inventory on June 1, 2024 at 74.2 million head, one percent larger than on the same date in 2023. Calculating the June hog herd estimate is dependent on the size of the March/May pig Read more
The winter wheat crop condition index has slipped slightly since the May 2024 US winter wheat production estimate was published by USDA, but at 48% good or excellent, remains well ahead of the indices at the time in 2022 and 2023. Our winter wheat crop condition – yield model projects Read more
The United States Department of Agriculture (USDA) released its latest Cattle on Feed report on May 24, 2024, offering insights into trends in cattle feeding and marketing. Here’s a quick look at some key takeaways: Inventory down from last year: On May 1, 2024, there were 11.6 million head of Read more
The USDA’s WASDE report provides a slightly bearish outlook for U.S. wheat in the 2024/25 marketing year. Here are the key takeaways: Larger Supplies: Overall wheat supplies are projected to be up 6% from 2023/24 due to larger beginning stocks and increased production. Production Increase: All wheat production is forecast Read more
The USDA’s May 10th report projected an increase in soybean supplies and ending stocks for the 2024/25 marketing year. This is due to both higher expected production and larger beginning stocks. Despite a projected rise in domestic soybean crushing, stockpiles are still expected to climb to 445 million bushels, pushing Read more
USDA has projected the US corn crop harvested this autumn at 14.87 billion bushels compared to forecasted 2024/25 crop year usage of 14.80 billion bushels. Except for planted US corn acreage, which is based on the March Prospective Planting report, USDA’s projected US corn supply/usage balance 2024/25 table is based on Read more
USDA has estimated a 3% increase in US pork production in 2024 an additional 1% increase in 2025. US pork exports are expected to increase sharply in both 2024 and 2025 leaving domestic per capita pork supplies up just 1% this year and down 1% in 2025 . US Pork Read more
USDA has forecast a 1% drop in US beef production in 2024 and an additional 3% decline in 2025. The need to restock the beef herd by holding back heifers for herd replacement accounts for the expected decline in beef production. We have constructed a US beef supply/usage balance based Read more
Calculated US corn stocks on June 1, 2024 are estimated by Us at 4.8 billion bushels compared to 4.1 billion bushels one year earlier. The ratio of June 1 corn stocks to September 2024 through May 2024 usage is 41% which would be the largest ratio since the 2019/2020 crop Read more