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 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 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 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. 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 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 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 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. 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 Read more
We estimate the US hog inventory totaled 71.5 million head on June 1 compared to the year over year comparison of 72.3 million head. Our estimate assumes farmers stuck to the one percent cut in March/May sows farrowing intentions expressed Read more
US feedlot feeder cattle placements and finished cattle sales both dropped sharply last month. Expensive feeder cattle replacements and high feed costs drove down placements and marketings last month. We project finished cattle marketings will decline 5% this summer and Read more
The United States Department of Agriculture (USDA) recently released its prospective soybean supply/usage balance for the 2023/2024 marketing year. The balance shows that the United States is expected to produce a record soybean crop of 4.5 billion bushels. This is Read more
The US Department of Agriculture (USDA) projects a buildup in US corn carryout stocks during the 2023/2024 crop year. The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report projects that corn carryout stocks will reach 2.2 billion bushels Read more
The US Department of Agriculture (USDA) has forecast a drop in the 2024 beef supply. The USDA’s forecast is based on a shrinking cattle herd. The US cattle herd has been declining for several years, and this trend is expected Read more
USDA estimates old crop US soybean exports at 2.015 billion bushels. Recent soybean sales data suggest the USDA estimate may be optimistic. The accompanying chart and scatter study display indicates soybean sales are well behind previous years and the sales Read more
US finished cattle sales declined last month as did net feeder cattle placements. US cattle on feed April 1 were down 4% from the previous year. We have summarized and displayed our forecast for annual US cattle slaughter, beef production Read more
USDA is scheduled to release the first US soybean supply/usage balance of the 2023/24 season May 12, 2023. The accompanying table assumes the March Prospective Plantings report and trendline usage projects published in the Baseline database. Comments on the forecasts Read more
The US new crop corn carryout will increase modestly assuming currently published USDA forecasts. The March planting intention survey forecast 2023 corn planted area at 92 million acres compared to 89 million acres in 2022. The March area forecast would Read more
The USDA estimated area planted to all wheat will increase significantly this season, but the poor condition of the winter wheat crop signals a tight supply/demand balance during the 2023/2024 crop year. Based on mid April reports we estimate the Read more
USDA rated just 27% of the US winter wheat crop in good or excellent condition as of 4/09/2023 which is the lowest rating for the comparable week since crop ratings were first published in the mid 1980’s. The rating would Read more