The May USDA Oil Crops Outlook predicts a canola yield improvement this year of 73 pounds per acre. Based on an estimated 2.27 million acres planted and 2.19 million harvested, this is expected to result in a 4-billion-pound crop, which would be an increase of 200 million pounds from last ye…
In some regard, the soybean market has seen a similar scenario that is playing out in the corn market between old and new crop.
As producers continue to play catch-up in terms of getting this year’s durum crop in the ground, the durum market remains stable, which is actually good news.
The World Agricultural Supply and Demand Estimates (WASDE) reports released by USDA earlier in May were important in that they gave the market its first look at global production, supply, and demand forecasts for the 2023-24 marketing year for several crops, including sunflower. But that’s n…
Wheat producers were happy in mid-May as they made good planting progress after a slow start and prices moved higher. Toward the latter half of the month, they were still making good headway in regard to planting, but prices began to slip.
With a difficult start to planting coupled with the cancellations of recent U.S. corn sales and more corn being sourced out of Brazil, the corn market is looking at a tale of two markets – one for old crop and one for new crop.
With no new news to spur the market, the soybean market has been playing defense for the past month.
Statistics Canada estimated on March 31 that Canadian canola ending stocks were 5.95 million metric tons (MMT), which was way below private estimates of 6.9 MMT. Where did a million tons of canola go? Some market analysts speculate that perhaps the recent canola crop in Canada was underestim…
Durum planting got off to a slow start with the extended winter/delayed spring, but producers are starting to make some headway. In the meantime, producers also saw durum prices slip a little bit heading into early May.
The war between Ukraine and Russia has been a major source of influence in the sunflower market and will continue to be for the foreseeable future.
After prices tumbled in April, the spring wheat market saw a nice rebound in May.
While corn producers have finally gotten into the fields and are making good inroads regarding planting progress, the new crop contracts for corn have been a bit disappointing.
The canola market has been affected most recently by the general risk-off sentiment in the commodity world, yet key statistical data on production, acreage, and use has been released recently that also impacts canola specifically. Back a few months ago, I mentioned that the USDA ramped up it…
There’s not a lot of new news to provide direction for the soybean market, but like the corn market, prices are being pressured by good planting progress in the Corn Belt despite a lack of planting progress in the Upper Midwest.
With spring planting still on hold across much of the region as of late April, the durum market was holding steady while other commodity markets weren’t as fortunate.
As spring waits for the winter of 2022-23 to relinquish its grip on the Midwest, it could prove somewhat beneficial to sunflower production this year.
While producers throughout the region are getting more anxious to get out in the fields to start planting, wheat prices were trending down during the last week of April.
Although corn producers in the Midwest are still waiting to get in the fields to start planting, that’s not the case for producers in the Corn Belt, who have been making good progress recently and that’s contributing to pressure being put on the corn market.
The USDA, in its March 31 Prospective Plantings Report, indicated North Dakota canola producers intend to plant a record 1.9 million acres of canola in 2023, an increase of six percent, 100,000 acres, over last year’s record. This estimate is in line with estimates from many industry observe…
There will be more soybeans planted this year in the U.S. than last year, but soybean stocks are tight and if there are any problems with the 2023 crop, producers could see some “fireworks” in the market this summer.
Despite the fact U.S. durum acreage is expected to increase in 2023, that didn’t negatively affect durum prices as they remained relatively the same as they were prior to the release of USDA’s Prospective Plantings Report on March 31.
As of April 10, the sunflower market was still considering the impact of USDA’s Prospective Planting Report that came out March 31, which projected fewer sunflower acres than the trade was expecting.
Spring wheat prices have been trying to find some traction recently, but they seem to still be locked in an upper $8 trading range on futures.
Although corn exports have been less than stellar recently, domestic demand for corn has remained very good and that’s helping to buoy prices, along with a strong basis.
The annual update of the USDA’s Oil Crops Yearbook shows consumption of canola oil in the U.S. is forecast to increase a whopping 14 percent year over year. Total consumption for this year is forecast at 6.65 billion pounds. Food use is expected to increase to 4.75 billion pounds, up 10.5 pe…
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