Reduced Corn and Soybean Acreage Sends Grains Higher
The USDA released their highly anticipated June Acreage and Quarterly Grain Stocks Reports this afternoon. The USDA pegged corn and soybean acreage at 175.8 million acres versus its March estimate of 180.5 million. Corn acreage was just over 92 million, well below the 96.99 million from the USDA March estimate. Soybean acreage is seen at 83.82 million versus the March estimate of 83.51 million. Somewhere along the way, the Ag community seems to have misplaced about five million acres of production.
The reduction in corn planting pushed December corn futures 15.75 cents per bushel higher. The acreage reduction could lead to a balance sheet decline of close to a half bushel per acre. The weekly…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...