Paying the Bill for the Farm Bill
The final conference report farm bill, which is now on the president’s desk awaiting signature, totals $428 billion for its 2019-2023 authorization period; most references in the media to a $867 billion cost are based on a 10-year baseline for the five-year bill. Because of the Balanced B...
SPS Minus Minus; Transatlantic Food Differences; Weighing Pressure on China
SPS Minus Minus U.S. agriculture groups responded to a U.S. request for comments on what should be the objectives in negotiating a transatlantic trade agreement, and their focus was on the usual suspect – sanitary and phytosanitary (SPS) barriers. Europe’s current technical barriers...
Market Commentary
Corn was higher with soybeans up slightly and wheat mixed in the Thursday night session. Trading volume was fairly strong overnight. This morning USDA announced sales of another 300,000 MT of soybeans to China plus 130,000 MT to “unknown” and 125,000 MT of corn to Japan. There is st...
Summary of Futures
Mar 19 Corn closed at $3.8475/bushel, up $0.005 from yesterday's close. Mar 19 Wheat closed at $5.3/bushel, down $0.06 from yesterday's close. Jan 19 Soybeans closed at $9.005/bushel, down $0.065 from yesterday's close. Jan 19 Soymeal closed at $307.3/short ton, down $1.2 from...
U.S. Export Prospects Improving
USDA trimmed the U.S. wheat export forecast by 25 million bushels (680,000 MT) in the December WASDE (supply & demand), but that wasn’t a surprise given the 9 percent lag in sales against a year ago. Its revised export goal is an 11 percent increase over last year. Export sales of har...
Oilseed Highlights: China’s Soy Purchases; U.S. Soy Export Sales; Brazil Prepared
China Purchases U.S. Soybeans China has followed through on its commitment to President Trump with a purchase of U.S. soybeans. Yesterday USDA announced that private exporters reported selling 1.13 MMT to that country. USDA then today announced that another 300,000 MT were sold to Chinese buyer...
Market Commentary
Overnight futures trade featured stronger wheat prices, lower soybean prices and corn near unchanged with only average volume. The soybean market seemed to exhibit “rumor fatigue.” When at last USDA/ FAS announced a sale of 1.13 MMT of soybeans to China under the daily reporting req...
Unveiling Good and Bad; Trump’s Effect?; The Shutdown Wolf
Unveiling Good and Bad Members of the European Parliament voted 427–172 to obligate the European Food Safety Authority (EFSA) to publish all relevant scientific study data ahead of its decisions. This contrasts with those in the U.S. who want to stop the Trump administration from making a...
Closing Bell Wrap-Up: Soybeans Lower on Chinese Buying
Smaller-than-expected Chinese soybean purchases (real purchases, nonetheless!) sent the soybean market lower this morning which pressured hog futures as well. Corn couldn’t excited about much and closed slightly lower for the day with traders unsure of what else to do. Wheat remains the m...
China and Soybeans
The Chinese are back! After days of rumors, USDA/ FAS confirmed China’s return to the U.S. soybean market by reporting its purchase of 1.13 MMT for 2018/19. We expect more such sales will be announced in the coming days. It is likely that the sale reported today is for January-March shipm...
Summary of Futures
Mar 19 Corn closed at $3.8425/bushel, down $0.01 from yesterday's close. Mar 19 Wheat closed at $5.36/bushel, up $0.095 from yesterday's close. Jan 19 Soybeans closed at $9.07/bushel, down $0.13 from yesterday's close. Jan 19 Soymeal closed at $308.5/short ton, down $4.1 from...
Farm Bill Animal Disease Measures; McDonald’s and Beef; Meat Price Spreads
Farm Bill Animal Disease Measures The House of Representatives passed the final conference report on the 2018 Farm Bill yesterday (397-46), which followed the Senate’s passage on Tuesday (87-13). The primary provisions for livestock were the National Animal Disease Preparedness and Respon...
Paying the Bill for the Farm Bill
The final conference report farm bill, which is now on the president’s desk awaiting signature, totals $428 billion for its 2019-2023 authorization period; most references in the media to a $867 billion cost are based on a 10-year baseline for the five-year bill. Because of the Balanced B...
SPS Minus Minus; Transatlantic Food Differences; Weighing Pressure on China
SPS Minus Minus U.S. agriculture groups responded to a U.S. request for comments on what should be the objectives in negotiating a transatlantic trade agreement, and their focus was on the usual suspect – sanitary and phytosanitary (SPS) barriers. Europe’s current technical barriers...
Market Commentary
Corn was higher with soybeans up slightly and wheat mixed in the Thursday night session. Trading volume was fairly strong overnight. This morning USDA announced sales of another 300,000 MT of soybeans to China plus 130,000 MT to “unknown” and 125,000 MT of corn to Japan. There is st...
Summary of Futures
Mar 19 Corn closed at $3.8475/bushel, up $0.005 from yesterday's close. Mar 19 Wheat closed at $5.3/bushel, down $0.06 from yesterday's close. Jan 19 Soybeans closed at $9.005/bushel, down $0.065 from yesterday's close. Jan 19 Soymeal closed at $307.3/short ton, down $1.2 from...
U.S. Export Prospects Improving
USDA trimmed the U.S. wheat export forecast by 25 million bushels (680,000 MT) in the December WASDE (supply & demand), but that wasn’t a surprise given the 9 percent lag in sales against a year ago. Its revised export goal is an 11 percent increase over last year. Export sales of har...
Oilseed Highlights: China’s Soy Purchases; U.S. Soy Export Sales; Brazil Prepared
China Purchases U.S. Soybeans China has followed through on its commitment to President Trump with a purchase of U.S. soybeans. Yesterday USDA announced that private exporters reported selling 1.13 MMT to that country. USDA then today announced that another 300,000 MT were sold to Chinese buyer...
Market Commentary
Overnight futures trade featured stronger wheat prices, lower soybean prices and corn near unchanged with only average volume. The soybean market seemed to exhibit “rumor fatigue.” When at last USDA/ FAS announced a sale of 1.13 MMT of soybeans to China under the daily reporting req...
Unveiling Good and Bad; Trump’s Effect?; The Shutdown Wolf
Unveiling Good and Bad Members of the European Parliament voted 427–172 to obligate the European Food Safety Authority (EFSA) to publish all relevant scientific study data ahead of its decisions. This contrasts with those in the U.S. who want to stop the Trump administration from making a...
Closing Bell Wrap-Up: Soybeans Lower on Chinese Buying
Smaller-than-expected Chinese soybean purchases (real purchases, nonetheless!) sent the soybean market lower this morning which pressured hog futures as well. Corn couldn’t excited about much and closed slightly lower for the day with traders unsure of what else to do. Wheat remains the m...
China and Soybeans
The Chinese are back! After days of rumors, USDA/ FAS confirmed China’s return to the U.S. soybean market by reporting its purchase of 1.13 MMT for 2018/19. We expect more such sales will be announced in the coming days. It is likely that the sale reported today is for January-March shipm...
Summary of Futures
Mar 19 Corn closed at $3.8425/bushel, down $0.01 from yesterday's close. Mar 19 Wheat closed at $5.36/bushel, up $0.095 from yesterday's close. Jan 19 Soybeans closed at $9.07/bushel, down $0.13 from yesterday's close. Jan 19 Soymeal closed at $308.5/short ton, down $4.1 from...
Farm Bill Animal Disease Measures; McDonald’s and Beef; Meat Price Spreads
Farm Bill Animal Disease Measures The House of Representatives passed the final conference report on the 2018 Farm Bill yesterday (397-46), which followed the Senate’s passage on Tuesday (87-13). The primary provisions for livestock were the National Animal Disease Preparedness and Respon...