One constant for ag business is that there are never two years alike.
Exports were equivalent to 17.5% of U.S. milk production in August.
Harvest pressure remains a weight on the markets.
Brazil economists cut their 2014 economic growth forecast to the lowest all year, as inflation pressured by a weaker real saps purchasing power.
Russian output will rise 43% to 54 million tons in 2013-2014, USDA said in September. Ukraine’s harvest may gain 40%.
The blockbuster data release scheduled in early November will offer plenty of post-shutdown clues about harvested acres, exports to China and more, Jerry Gulke says.
Eventually, when supply comes online, prices must fall to where demand is ignited and production is curtailed.