Slack export demand has weighed on US wheat futures prices this summer. In the period 6/1/2023 through 8/10/2023 US wheat export sales totaled just 7 million tonnes compared to the average 10 million tonnes in the same period in the Read more…
USDA has projected the average price for steers, finished and basis Nebraska, at $186 per hundredweight in 2024 compared to the previous record $155 established in 2014. Another sharp reduction in US beef supply in 2024 forms the base for Read more…
The USDA’s first crop survey of the season resulted in a 2+ bushel reduction in the National corn average yield. In the 1965-2022 period the August yield estimate had a 96% correlation with the final (January) estimate with a standard Read more…
USDA dropped the US soybean national average yield to 50 bushels per harvested acre compared the trendline July forecast of 52 bushels. The yield downgrade was in line with sub average weekly USDA crop reports. In the years 1965 through Read more…
Pasture & range conditions have improved significantly over a year ago, but are only average compared ratings in the last 10 years. At any rate ranchers will not be forced to move calves or yearlings into feedlots this Autumn for Read more…
USDA crop observers rated 52% of the US soybean crop in good or excellent condition on July 30, 2023 which is down from the 52% with the same rating a week earlier. Historical data suggests an August estimate for the Read more…
USDA reported 55% of the corn crop was in good or excellent condition as of the end of July. Based on historical data the USDA’s weekly report suggests an August US average corn yield of 178 bushels per harvested acre Read more…
US wheat export sales have lagged so far this season as domestic users have outbid exporters for limited US wheat supplies. Foreign wheat consumers have preferred to source wheat from other countries such Canada, Argentina and Australia. Ukraine wheat supplies Read more…
Feeder cattle futures prices appeared to, at least temporarily, have stalled after a major winter – spring bull market. The accompanying scatter studies display autumn feeder cattle values (high & low range) as a function of the supply of feeder Read more…
USDA reported 57% of the corn crop in good or excellent condition on 7/23/2034 compared to the 37-year average 63% in the same week. History suggests a US national average yield of 176 bushels per harvested acre compared to the Read more…
Cash hogs have displayed a strong negative price seasonal from summer into autumn over the last 50 years. Increased slaughter hog supplies in the autumn has driven the negative price seasonal. Currently December lean hogs are trading $24 discount to Read more…
USDA reported cattle on feed July 1 totaled 11.5 million head compared to 11.7 million head a year ago. Feeder cattle placements over the last six months suggests finished cattle marketings in the July 2023 through December 2023 period will Read more…
USDA reported the July 1, 2023 US cattle inventory at 95.8 million head, down 3% from a year ago and the second fewest in the last 50 years. The ratio of July/December US beef production to inventory is displayed in Read more…
December soybean meal could have significant upside potential based USDA’s current USDA new crop soybean supply/usage balance and July livestock projections The harvest price forecasts for December soybean meal, based on the US soybean carryout to usage ratio and the Read more…
USDA cut the 2023/2024 US soybean carryout projection by 50 million bushels this month because of a smaller planted acre estimate published in June Acreage Survey report. USDA stayed with a national average soybean yield of 52 bushels per harvested Read more…
USDA soybean crop condition: The USDA rated 55% of the US soybean crop in good or excellent condition on July 16, 2023. This is a significant improvement over the previous week’s crop reports, which showed 51% of the crop in Read more…
Last month the USDA forecast a record US soybean national average soybean yield of 52 bushels per harvested acre. However, in the week ending 7/2/2023, the USDA rated just 51% of the US soybean crop in good or excellent condition. Read more…
The USDA reported that 51% of the US corn crop is in good or excellent condition on 7/2/2023, which is below the 30+ year average of 66%. This is also below the 64% that was reported at the same time Read more…
USDA published relatively moderate changes to US wheat planted area estimates reflecting the June acreage survey. We have calculated the following wheat production table based on the June survey and the US wheat yield potential based on the weekly crop Read more…
The USDA altered the US corn balance outlook for 2023/2024 by reporting a significant upward revision in corn planted area. The estimate of 94 million acres would be the largest area planted to corn in the US since 2013. We Read more…