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The U.S. Department of Agriculture’s statistics division is conducting a “deep dive” review of how it conducts its quarterly U.S. grain stocks reports, an official said during an online conference on Wednesday.
The western half of the country continues to see little moisture, and after a year of record government payments to agriculture, farm groups fear financial assistance this year will be tough to get passed in Washington.
U.S. soybean farmers could be in for a volatile price ride this year. With already tight stocks with robust demand, Blue Reef Agri-Marketing’s Chip Nellinger says soybean prices could see extreme volatility this year.
May corn futures closed in on $6 Wednesday, a price move being driven by a number of factors. Brian Doherty with Total Farm Marketing says corn’s performance is one for the record books.
Brazilian production of ethanol from corn rose 58% in the newly passed year as dozens of recently built plants in the country’s grain heartland ramped up production.
The dollar slipped on Monday towards a three-week low as Treasury yields traded near recent lows and traders awaited crucial U.S. inflation and retail sales data in coming days.
A week after USDA released its bombshell Prospective Plantings report, USDA’s April WASDE also sparked some market momentum in corn, but seemed to disappoint for soybeans.
The supply-and-demand outlook already suggested profit potential into 2022/23 (not continuously high prices, but profit opportunities).
As the 2021 bull market continues, it’s leading to a growing level of optimism from farmers. The latest Ag Economy Barometer from Purdue University/CME group shows farmer sentiments rose to 177 this month.
Of 772 farmers surveyed, 522 said they wouldn’t change their crop mix, regardless of what they learned from the Prospective Plantings Report.