Little Change for Corn and Soybeans

USDA released an update of its World Ag. Supply and Demand Estimates report March 10, but the update changed little in the corn and soybean outlook.

Corn estimates were unchanged, with 2010/11 ending stocks projected at 675 million bushels and the midpoint of the season-average price range at $5.40 per bushel.

Soybeans had a small adjustment to seed demand that was offset by a reduction in residual demand. So 2010/11 ending stocks remain at 140 million bushels, but the midpoint of the season-average price was lowered to $11.60 per bushel.

Wheat 2010/11 ending stocks rose 25 million bushels, based on a reduced export outlook. This could open up more wheat in domestic feed channels to compete with corn.

Looking at the world situation, corn production in 2010/11 was reduced by 0.5 million metric tons with the bigger shifts coming from Mexico (down 2 million tons) and Brazil (up 2 million tons). Corn exports to the European Union and Mexico for the 2010/11 crop year are projected to increase by 2.1 million tons.

World soybean production was increased by 2.3 million metric tons, with the bulk of that increase coming from Brazil (up 1.5 million tons) and China (up 0.8 million tons). Argentine production was held steady, but Argentine exports were lowered by 0.6 million tons.

Source: Chad Hart , ISU Extension Grain Marketing Specialist. Ag Decision Maker

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Artwork: Corn and Soybean Fields on a Landscape, Herscher, Illinois

U.S. Pork, Beef Exports Surge in March

The pace of U.S. beef and pork exports increased sharply in March, driven by double-digit increases to leading markets Mexico, the China/Hong Kong region and South Korea, according to statistics released by the USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. pork exports reached their highest monthly total since October 2012: 209,704 metric tons (mt) valued at $606.7 million, increasing 29 percent in both volume and value over March 2013. Exports of U.S. beef rose 12 percent in volume to 93,380 mt valued at $516.2 million, an increase of 17 percent. When measured in proportion to overall U.S. beef and pork production, March exports also showed gains. Total pork exports (muscle cuts plus variety meat) equated to 31.5 percent of total U.S. pork production in March (26 percent of muscle cuts alone) versus 28 and 23.5 percent, respectively, a year ago. Beef exports accounted for 14 percent of total production and 11 percent of muscle cuts – up from 12 and 9 perce

Cotton Market Declines

As cotton and cotton-related products are discretionary items, COVID-19 has significantly impacted demand for cotton. The greatest decline in consumption has been observed in China and India. Retail sales in clothing and clothing accessories in the U.S. experienced an 87% decline in April from the previous year. With the anticipation of a decline in consumers’ consumption of apparel, the recovery of the spinning industry is anticipated to be slow. Slightly lower production, reduced consumption and higher beginning and ending stocks are projected for the 2020 cotton crop globally. World cotton production in 2020 is forecast at 118.7 million bales, 3% (4.2 million bales) below the previous year. Global cotton mill use is forecast at 114.4 million bales in 2020, 11.5% (12 million bales) above 2019, but still significantly lower than 2017 and 2018 levels. The world ending stocks are also projected at 104.7 million bales, the second-highest level on record. U.S. cotton production i

Pork Exports Still Down

U.S. beef exports remained on a record-shattering value pace in October, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). October pork exports trended seasonally higher compared to recent months but were still below the results posted in October 2017. Lamb export volume in October more than doubled year-over-year, while value increased nearly 50 percent. October pork export volume was 207,725 mt, the largest since May but still 2 percent lower year-over-year, reflecting smaller variety meat exports. Export value ($536.5 million) was also the largest since May but still down 5 percent from a year ago. For January through October, pork exports were 1 percent above last year’s record pace at 2.02 million mt, while value was also up 1 percent to $5.33 billion. For pork muscle cuts only, January-October exports increased 5 percent from a year ago in volume (1.63 million mt), valued at $4.43 billion (up 2 percent). Source: U.S. Meat Export Fed

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