World Perspectives

Recent China Analysis

feed-grains soy-oilseeds livestock

Parsing the Data

Brazil’s meat processors are expressing angst that their country’s boosted corn exports to China this year will drive up domestic feed costs to what they describe as an “overpriced” level. The number of Chinese bidders for imported corn is large as the Middle Kingdom&rsq...

feed-grains

Pricier White Liquor

The three major global suppliers of sorghum are the U.S., Argentina, and Australia. China has been a critical market for U.S. sorghum in recent years but is less likely to be in 2022/23. Production was less than half the 10-year average due to drought in the southwest. Australia is most likely...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Cultural The Year of the Rabbit Arrives The Chinese Lunar New Year celebrations began on Saturday with festive New Year’s Eve gatherings. Sunday marked the first day of the annual Spring Festival, which will continue through 1 February and then conclude with the Lantern Festival, which ru...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Macroeconomics Food Prices Up Nearly 5 Percent In December For the ninth straight month, the average cost of food across various categories climbed. It was up 4.8 percent this past December from a year ago. That is up from the increase in November, which amounted to an annualized uptick of 3.7...

feed-grains soy-oilseeds wheat

Market Commentary: CBOT Shakes Off Early Weakness to Post a Bullish Day

The CBOT started Tuesday with bearish pressure that impacted corn, soybeans, and wheat alike. The day’s trade didn’t end there, however, and the major grain markets settled higher to start the week. Traders initially reacted to the forecasts for a winter storm across the Southern Pl...

feed-grains

WASDE Corn

CORN:  USDA reduced U.S. corn production to 13.730 billion bushels, down 200 million as an increase in yield is more than offset by a 1.6 million acre cut to harvested area. Exports are reduced 150 million bushels to 1.925 billion, reflecting the slow pace of shipments through December, an...

wheat

WASDE Wheat

WHEAT: USDA reduced 2022/23 ending stocks slightly as larger domestic use more than offsets higher beginning stocks.  The season-average farm price is unchanged at $9.10 per bushel.   The 2022/23 global outlook is for increased supplies, exports, consumption, and stocks.  Wo...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock Pork Prices Depressed as Market Still in Oversupply Market survey data from the Ministry of Agricultural and Rural Affairs (MARA) and other government agencies show the average live hog price fell by 10 percent to start January. Supplies of pork meat have continued to remain robust, w...

feed-grains soy-oilseeds wheat

Market Commentary: CBOT Steady/Higher Ahead of WASDE; Hog Selloff Intensifies

Wednesday’s CBOT trade was almost entirely focused on positioning for the January WASDE that will be released at noon Thursday. For corn and soybeans, that meant cautiously higher trade with the markets following through on Tuesday’s late-day rallies. The soybean rally came despite...

feed-grains soy-oilseeds wheat

Market Commentary: Argy Crop Ratings Fuel Soy Rally; Livestock Markets Move Lower

The CBOT was mixed to end a week that featured mostly bearishness with a surprise decline in Argentina’s soybean crop ratings sparking a rally in soybeans and soymeal. Corn futures traded both sides of unchanged and only posted 1-cent gains for the day, but signs of strength were evident...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Public Health Rising COVID-19 Related Death Toll Dampens New Year’s Outlook Although official figures appear to understate the reality of COVID on the ground in a big way, media coverage and social media posts tell another story. Per Bloomberg news, as well as the day-to-day experiences o...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Public Health China Lifts Restrictions, COVID Case Counts Soar The fears of the central government about the near-term impact of shifting away from its zero-COVID policy have quickly emerged here in December. Even with last spring’s case count surge, a large portion of China’s popul...

feed-grains soy-oilseeds wheat

Market Commentary: Wheat Futures Ignore Winter Storm; Soy Complex Rallies Again

The CBOT is starting to show its typical pre-holiday quieting of trade and volatility but is not without a few surprises. The soy complex was the upside leader on Tuesday with another rally in soyoil creating strength across the complex. That spilled over into 15-17-cent gains for soybeans, whi...

feed-grains soy-oilseeds wheat

Market Commentary: Argy Rains Pressure CBOT; Soymeal Breaks Support; Storm System Threatens U.S. Wheat

The CBOT was mostly lower in early week trade with traders still exiting positions ahead of the next two weeks’ holidays. Fundamental news was light, and the market was primarily focused on the bearish factors of rains in Argentina and the slow U.S. export pace. Funds were net sellers for...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Wheat The Argentine harvest keeps moving at a good pace and the national average yield is increasing as combines enter areas in the center and south of Buenos Aires. The national average increased from 1.88 MT/ha to 1.96 MT/ha last week. The weekly progress was 11 percent and total harvested re...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Surges Again; Lower U.S. Dollar Sends Wheat, Corn to Early Gains

The major feature of the CBOT on Tuesday was the rally in all legs of the soy crush. Soybeans, soyoil, and to a lesser extent, soymeal, all posted strong gains for the day as U.S. demand comes into greater focus amid the plight of the Argentine crop. The ongoing drought in Argentina is promptin...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Flips Recent Trends; Corn, Wheat Rally After Russia Attacks Odessa Port

The CBOT essentially abandoned its existing trends on Monday and volatility was pronounced, especially in the soy complex. For the past few weeks, soybeans and soymeal have been trending higher while soyoil collapsed under the EPA’s new biofuel mandates. That changed almost without warnin...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Wheat Dry weather and a sweltering heat wave allowed for a rapid advance of the wheat harvest and an even earlier harvest date in the southern part of the agricultural area. Farmers harvested an additional 19 percent of the area last week, putting the total harvest at 42 percent completion.&nbs...

soy-oilseeds

WASDE Soybeans

Domestics U.S. soybean supply and use projections for 2022/23 are unchanged from last month.  USDA explained that due to their review of EPA's recent proposed rule for renewable fuel targets, soybean oil used for biofuel for 2022/23 is reduced 200 million pounds to 11.6 billion.  Soyb...

feed-grains

WASDE Corn

U.S. domestic corn exports are lowered 75 million bushels due to slow sales.  As a result, corn ending stocks are raised 75 million bushels.  The season-average corn price received by producers is lowered 10 cents to $6.70 per bushel based on observed prices to date.  Foreign cor...

wheat

WASDE Wheat

U.S. domestic wheat data is unchanged from last month. The global wheat supplies are lowered 2.1 million tons to 1,056.9 million on reduced production for Argentina and Canada that is only partly offset by higher Australia production.  ...

feed-grains soy-oilseeds wheat

Market Commentary: USDA Cuts Corn Exports; Argy Wheat Crop Falls to 12.5 MMT; Cattle Take Back Early Losses

The December WASDE made few changes to its outlook for the world grain supply and demand situation, which left the CBOT to essentially continue its existing trends. Wheat futures sold off 10-12 cents lower and soyoil joined the weakness and broke a major technical support zone. Soymeal continue...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Public Health New COVID-19 Cases Fall By A Third, Beijing Lifts Restrictions The sharp run-up in new coronavirus cases in November have quickly fallen at the start of December. After hitting a seven-day average peak of 49,534 new cases on 29 November, the trailing figure has dropped sharply to...

feed-grains wheat soy-oilseeds

Mercosur Regional Analysis

Wheat Argentina’s wheat harvest reached almost 25 percent of the area last week. Harvesting in the north of the country is considered finished and yields are 30 percent below historical levels. Meanwhile, the harvest is progressing in central and northern Cordoba and Santa Fe with very he...

feed-grains soy-oilseeds livestock

Parsing the Data

Brazil’s meat processors are expressing angst that their country’s boosted corn exports to China this year will drive up domestic feed costs to what they describe as an “overpriced” level. The number of Chinese bidders for imported corn is large as the Middle Kingdom&rsq...

feed-grains

Pricier White Liquor

The three major global suppliers of sorghum are the U.S., Argentina, and Australia. China has been a critical market for U.S. sorghum in recent years but is less likely to be in 2022/23. Production was less than half the 10-year average due to drought in the southwest. Australia is most likely...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Cultural The Year of the Rabbit Arrives The Chinese Lunar New Year celebrations began on Saturday with festive New Year’s Eve gatherings. Sunday marked the first day of the annual Spring Festival, which will continue through 1 February and then conclude with the Lantern Festival, which ru...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Macroeconomics Food Prices Up Nearly 5 Percent In December For the ninth straight month, the average cost of food across various categories climbed. It was up 4.8 percent this past December from a year ago. That is up from the increase in November, which amounted to an annualized uptick of 3.7...

feed-grains soy-oilseeds wheat

Market Commentary: CBOT Shakes Off Early Weakness to Post a Bullish Day

The CBOT started Tuesday with bearish pressure that impacted corn, soybeans, and wheat alike. The day’s trade didn’t end there, however, and the major grain markets settled higher to start the week. Traders initially reacted to the forecasts for a winter storm across the Southern Pl...

feed-grains

WASDE Corn

CORN:  USDA reduced U.S. corn production to 13.730 billion bushels, down 200 million as an increase in yield is more than offset by a 1.6 million acre cut to harvested area. Exports are reduced 150 million bushels to 1.925 billion, reflecting the slow pace of shipments through December, an...

wheat

WASDE Wheat

WHEAT: USDA reduced 2022/23 ending stocks slightly as larger domestic use more than offsets higher beginning stocks.  The season-average farm price is unchanged at $9.10 per bushel.   The 2022/23 global outlook is for increased supplies, exports, consumption, and stocks.  Wo...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Livestock Pork Prices Depressed as Market Still in Oversupply Market survey data from the Ministry of Agricultural and Rural Affairs (MARA) and other government agencies show the average live hog price fell by 10 percent to start January. Supplies of pork meat have continued to remain robust, w...

feed-grains soy-oilseeds wheat

Market Commentary: CBOT Steady/Higher Ahead of WASDE; Hog Selloff Intensifies

Wednesday’s CBOT trade was almost entirely focused on positioning for the January WASDE that will be released at noon Thursday. For corn and soybeans, that meant cautiously higher trade with the markets following through on Tuesday’s late-day rallies. The soybean rally came despite...

feed-grains soy-oilseeds wheat

Market Commentary: Argy Crop Ratings Fuel Soy Rally; Livestock Markets Move Lower

The CBOT was mixed to end a week that featured mostly bearishness with a surprise decline in Argentina’s soybean crop ratings sparking a rally in soybeans and soymeal. Corn futures traded both sides of unchanged and only posted 1-cent gains for the day, but signs of strength were evident...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Public Health Rising COVID-19 Related Death Toll Dampens New Year’s Outlook Although official figures appear to understate the reality of COVID on the ground in a big way, media coverage and social media posts tell another story. Per Bloomberg news, as well as the day-to-day experiences o...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Public Health China Lifts Restrictions, COVID Case Counts Soar The fears of the central government about the near-term impact of shifting away from its zero-COVID policy have quickly emerged here in December. Even with last spring’s case count surge, a large portion of China’s popul...

feed-grains soy-oilseeds wheat

Market Commentary: Wheat Futures Ignore Winter Storm; Soy Complex Rallies Again

The CBOT is starting to show its typical pre-holiday quieting of trade and volatility but is not without a few surprises. The soy complex was the upside leader on Tuesday with another rally in soyoil creating strength across the complex. That spilled over into 15-17-cent gains for soybeans, whi...

feed-grains soy-oilseeds wheat

Market Commentary: Argy Rains Pressure CBOT; Soymeal Breaks Support; Storm System Threatens U.S. Wheat

The CBOT was mostly lower in early week trade with traders still exiting positions ahead of the next two weeks’ holidays. Fundamental news was light, and the market was primarily focused on the bearish factors of rains in Argentina and the slow U.S. export pace. Funds were net sellers for...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Wheat The Argentine harvest keeps moving at a good pace and the national average yield is increasing as combines enter areas in the center and south of Buenos Aires. The national average increased from 1.88 MT/ha to 1.96 MT/ha last week. The weekly progress was 11 percent and total harvested re...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Surges Again; Lower U.S. Dollar Sends Wheat, Corn to Early Gains

The major feature of the CBOT on Tuesday was the rally in all legs of the soy crush. Soybeans, soyoil, and to a lesser extent, soymeal, all posted strong gains for the day as U.S. demand comes into greater focus amid the plight of the Argentine crop. The ongoing drought in Argentina is promptin...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Flips Recent Trends; Corn, Wheat Rally After Russia Attacks Odessa Port

The CBOT essentially abandoned its existing trends on Monday and volatility was pronounced, especially in the soy complex. For the past few weeks, soybeans and soymeal have been trending higher while soyoil collapsed under the EPA’s new biofuel mandates. That changed almost without warnin...

feed-grains soy-oilseeds wheat

Mercosur Regional Analysis

Wheat Dry weather and a sweltering heat wave allowed for a rapid advance of the wheat harvest and an even earlier harvest date in the southern part of the agricultural area. Farmers harvested an additional 19 percent of the area last week, putting the total harvest at 42 percent completion.&nbs...

soy-oilseeds

WASDE Soybeans

Domestics U.S. soybean supply and use projections for 2022/23 are unchanged from last month.  USDA explained that due to their review of EPA's recent proposed rule for renewable fuel targets, soybean oil used for biofuel for 2022/23 is reduced 200 million pounds to 11.6 billion.  Soyb...

feed-grains

WASDE Corn

U.S. domestic corn exports are lowered 75 million bushels due to slow sales.  As a result, corn ending stocks are raised 75 million bushels.  The season-average corn price received by producers is lowered 10 cents to $6.70 per bushel based on observed prices to date.  Foreign cor...

wheat

WASDE Wheat

U.S. domestic wheat data is unchanged from last month. The global wheat supplies are lowered 2.1 million tons to 1,056.9 million on reduced production for Argentina and Canada that is only partly offset by higher Australia production.  ...

feed-grains soy-oilseeds wheat

Market Commentary: USDA Cuts Corn Exports; Argy Wheat Crop Falls to 12.5 MMT; Cattle Take Back Early Losses

The December WASDE made few changes to its outlook for the world grain supply and demand situation, which left the CBOT to essentially continue its existing trends. Wheat futures sold off 10-12 cents lower and soyoil joined the weakness and broke a major technical support zone. Soymeal continue...

feed-grains soy-oilseeds livestock

China In-Country Analysis

Public Health New COVID-19 Cases Fall By A Third, Beijing Lifts Restrictions The sharp run-up in new coronavirus cases in November have quickly fallen at the start of December. After hitting a seven-day average peak of 49,534 new cases on 29 November, the trailing figure has dropped sharply to...

feed-grains wheat soy-oilseeds

Mercosur Regional Analysis

Wheat Argentina’s wheat harvest reached almost 25 percent of the area last week. Harvesting in the north of the country is considered finished and yields are 30 percent below historical levels. Meanwhile, the harvest is progressing in central and northern Cordoba and Santa Fe with very he...

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