Today's USDA reports were very bullish corn, somewhat bullish wheat and neutral for soybeans. Here are the key issues: Corn
1 December corn stocks more than 200 million bushels (5 MMT) below expectations. Corn feed/residual consumption was raised 350 million bushels (8.8 MMT). U.S. corn ending supplies dropped to 600 million bushels (15 MMT). U.S. sorghum supplies also at bin bottom because the 1 December sorghum stocks number was also much smaller than expected. World corn ending supplies cut 1.6 MMT to 116 MMT. China has 52 percent of corn ending supplies.
Wheat
U.S. HRW acres are 800,000 less than in 2012. The market expected an increase, and this sharpens the focus on the very poor HRW crop condition because of the dr...
What You Need to Know Today: Cattle futures extended their sharp selloff Friday as weakening cash cattle prices, deteriorating feedlot profitability, and reduced packer demand continued to weigh on the market. The inability of futures to sustain a rally following last week's bullish Cattle on...
As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning...
Key Takeaways: WPI’s new EU rapeseed crushing margin models point to weaker processing returns over the next four months due to higher rapeseed procurement costs and weaker product values. Statistical forecasts call for German crushing margins to decline from €181/MT to €...
